USD/INR ends up on strong dlr, likely FPI outflows from local debt

The rupee settled at 68.94 against 68.9125 at the previous close. The local unit moved in 68.90-69.0350 per dollar band intra-day.
USD/INR ends up on strong dlr, likely FPI outflows from local debt. PSBs bought most likely for oil importers. Dollar/rupee ended at Rs 68.94/$1 Tuesday compared to previous close of Rs 68.9150/$1. Crude oil prices continued easing after US government data showed large builds in refined product stockpiles. The greenback weakened against its major counterparts weighed down by lower US yields.

The dollar firmed to a two-week high versus its rivals on Tuesday, a day after U.S. President Donald Trump and congressional leaders agreed a two-year extension of the debt limit, dousing fears of a government default later this year. The greenback rose 0.31% versus a basket of its rivals .DXY to 97.47, its highest level since July 9.
Sterling was on the back foot on Tuesday as investors worried Boris Johnson, the frontrunner to become the UK's next prime minister, would trigger a "hard Brexit" from the European Union, widely seen as a major risk for the British economy. he euro briefly touched the lowest in five weeks due to growing expectations European Central Bank President Mario Draghi will signal a rate cut in September at a policy meeting later to keep inflation expectations on track.

Oil edged further above $63 a barrel on Tuesday, supported by rising tensions in the Middle East after Iran's seizure of a British tanker last week, although signs of faltering demand capped gains. Brent crude LCOc1 climbed 11 cents to $63.37 a barrel
Gold prices slipped to a near one-week low on Tuesday as the dollar strengthened following a deal on extending debt limit in the United States.

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