India Rupee Steady As Weak Risk Appetite Offsets Gains

The rupee settled at 68.87 against 68.86 at the previous close. The local unit moved in 68.7575-69.02 per dollar band intra-day.
The Indian rupee was little changed against the dollar, as investors’ muted appetite for risk assets offset gains from corporate inflows. Global risk appetite has slightly weakened that had an impact on rupee today, while higher crude oil prices and inching up of the dollar index also exerted pressure on the local currency. However, rupee has stabilized after the recent swap auction and is expected to witness some consolidation in near term. Market will keep a close eye on U.S.-China trade talks for more cues.

The dollar is higher against most of its peers early Wednesday in Europe as a steady drumbeat of gloomy news about the economic outlook keeps a firm cap on risk appetite. U.S. housing and consumer confidence data both fell short of expectations Tuesday. The dollar index against a basket of six major currencies, was at 96.442
Sterling was also higher against the euro in early trade ahead of a series of ‘indicative votes’ in parliament on alternatives to Prime Minister Theresa May’s EU Withdrawal Agreement. The votes are due in the evening in London. However, May’s deal is not yet dead: a number of hard-line Brexiteers signalled on Tuesday that they would back it rather than risk Brexit being cancelled altogether.

Gold prices inched up on Wednesday as a lacklustre stock market and falling bond yields reflected worries about a global economic slowdown and lifted safe-haven assets.
Oil prices declined on Wednesday, reversing earlier gains, as further disruptions to Venezuela's crude exports were offset by a report that U.S. inventories rose last week. Brent crude futures LCOc1 were down 22 cents, or 0.32 percent, to $67.75 a barrel.

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