USD/INR ends at 1-week low on likely FPI inflows into local debt, weak dlr

The rupee settled at 69.35 against 69.55 at the previous close. The local unit moved in 69.33-69.6025 per dollar band intra-day.
Dollar/rupee ended at over one-week low Monday on likely overseas portfolio inflows into local government debt, while a globally weak greenback further weighed on dollar demand. Some overseas portfolio inflows into local government debt segment was supporting demand for the local currency. Also, tracking a weak dollar, spot ended down. The dollar plunged against other major counterparts on increased bets on a possible Fed rate cut in the upcoming July policy after dovish comments from Fed members.

The dollar fell against its rivals on Monday after sustaining its biggest weekly drop in four months last week as the U.S. central bank opened the doors for a likely rate cut as early as next month. The dollar has been on the receiving end of a broad market selloff in major currencies as global central banks led by the U.S. Federal Reserve signalled a dovish outlook on monetary policy due to growing signs of a weak global economy.
The pound was broadly steady as the leadership contest for the ruling conservative Party entered its final stretch with Jeremy Hunt facing rival Boris Johnson to replace outgoing Prime Minister Theresa May. the dollar GBP=D3 , the pound was broadly steady at $1.2751 while it was a shade weaker against the euro EURGBP=D3 at 89.31.

Oil prices rose on Monday, extending large gains last week that were prompted by tensions between Iran and the United States, as Washington was set to announce new sanctions on Tehran.
Gold prices advanced on Monday, hovering near a six-year high touched in the previous session, as dovish signals from major central banks and heightened tensions between the United States and Iran boosted demand for the safe-haven metal.

Date	Time	Currency	Event	Actual	Forecast	Previous
24/06/19	13.30	EUR	German Ifo Business Climate Index)	97.4	97.4	97.9

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