USD/INR ends down on selling by foreign banks, weak dlr, likely FII inflows into local stocks

The rupee settled at 69.5250 against 70.01 at the previous close. The local unit moved in 69.49 -69.8050 per dollar band intra-day.
USD/INR ends down on selling by foreign banks, weak dlr, likely FII inflows into local stocks. Dollar/rupee in both onshore and offshore markets traded lower on Friday tracking easing crude oil prices amid FII inflows into the local stocks. Dollar/rupee in the non deliverable forward (NDF) market maturing in one month traded at Rs 69.84/$1 during European trades and Rs 69.94/$1 at start of Indian market Friday. The pair traded at Rs 70.23/$1 at close of Indian market on Thursday.

The dollar edged away from two-year highs on Friday after weak U.S. manufacturing activity data sparked worries that the trade conflict with China may hurt the world's largest economy and affect the currency's safe-haven status. The dollar weakness helped sterling recover slightly from a 4-1/2 month low GBP=D3 while the euro briefly inched above $1.12 to hit a one-week high.
The euro and British pound were both rebounding against the dollar, leaving the single currency on course to end the week with a gain of nearly 0.5% against it. Sterling, however, is still set for a weekly loss, owing to rise in political volatility in the U.K. Prime Minister Theresa May announced date for her resignation on 7th June.

Gold eased on Friday as stock markets regained momentum, with a weaker dollar and renewed hopes of a rate cut by the U.S. Federal Reserve keeping bullion on track for a weekly gain. U.S. gold futures for June GCcv1 were down 0.3% at $1,281.
Oil rose towards $69 a barrel on Friday after two sessions of losses, but remained on track for its biggest weekly drop this year due to rising inventories and concerns of an economic slowdown.

Date	Time	Currency	Event	Actual	Forecast	Previous
24/05/2019	14.00	GBP	Retail Sales (MoM) (Apr)	0.0%	-0.3%	1.2%

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