Indian Rupee Rises Post Strong Demand At FX Swap Auction

The rupee settled at 69.62 against 69.67 at the previous close. The local unit moved in 69.53 -69.83 per dollar band intra-day.
The Indian rupee ended higher against the dollar as the central bank’s forex swap auction saw better than expected demand. However, uptick in crude oil prices limited larger appreciation in the local currency. Some exporters sold dollars after the auction result as the demand at the auction was good against what the market had expected earlier. However, risks for the local currency continue to emanate from the uptick in crude oil prices while dollar index also remains firm above 97 levels, adding to the jitters.

The dollar held near three-week highs on Tuesday as a drop in market volatility ramped up demand for riskier assets, with higher U.S. bond yields also offering some support. Broader market moves were limited as financial markets re-opened after the Easter holiday. The dollar index against a basket of six other currencies rose to 97.39 .DXY , edging toward the 2019 high of 97.71 struck in early March.
Data released overnight showed U.S. existing-home sales fell more than expected in March. Figures for new-home sales will be released later in the day. may provide some pointers to the state of the U.S. economy. The dollar's moves against the euro and sterling were small, with single currency lower at 1.1243 and pound up at 1.2986.

Oil prices hit their highest since November on Tuesday after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.
Gold prices inched back towards last week's four-month low on Tuesday as a firmer dollar and ongoing preference for riskier assets took the sheen off the metal traditionally seen as a safe-haven.

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