India Rupee At 6-Wk Low On Corporate Dlr Demand, Strong US Data

The rupee settled at 69.87 against 69.67 at the previous close. The local unit moved in 69.75 -69.9750 per dollar band intra-day.
The Indian rupee ended at an over six-week low against the dollar, as banks stepped up greenback purchases for corporate clients, while the dollar index strengthened on the back of upbeat U.S. data. Sharp rise in the dollar index after the release of U.S. data that gave investors some confidence over the U.S. economy proved to be a drag for the local currency, But some ease in the oil prices after the recent rally and strong inflows in domestic equities cushioned rupee for the day. For the next trigger.

The dollar is continuing its march higher early Wednesday in Europe, enjoying further support from a strong corporate earnings season at home coupled with better-than-expected economic data. The dollar could be set for further gains in Europe if the German Ifo business climate index, due at 04:00 AM ET, suggests that the euro zone’s most important economy is still sputtering. In China, by contrast, there were signs that the central bank is easing back on its stimulus.
The euro fell towards a one-month low on Wednesday as the contrast between solid economic data in the United States and souring confidence measures in the euro zone kept the dollar supported near 22-month highs.

Oil prices slipped below six-month highs on Wednesday after signs that cushioned a rally based on fears of tight supply resulting from OPEC output cuts and U.S. sanctions on Venezuela and Iran.
Gold prices fell on Wednesday to hover around a four-month low touched in the previous session, as the dollar gained after strong U.S. housing data dampened concerns about an economic slowdown in the country, amid upbeat risk appetite.

Date	Time	Currency	Event	Actual	Forecast	Previous
24-04-2019	13.30	EUR	German Ifo Business Climate Index	99.2	99.9	99.6

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