India Rupee Slips For 2nd Week As Dlr Inflows Slow, MPC Cuts Rate

The rupee settled at 69.22 against 69.16 at the previous close. The local unit moved in 68.0450-69.3450 per dollar band intra-day.
The Indian rupee fell for a second consecutive week against the dollar, as foreign investors’ greenback inflows into local assets slowed in the first week of the new financial year. We expect the rally in dollar index to sustain amid U.S.-China trade deal optimism in the coming weeks, if the U.S. jobs data does not surprise on the downside, which will keep the rupee under pressure. Technical indicators suggest the upside in the rupee will be limited to 68.80 to dollar.

The dollar scaled a three-week high versus the yen on Friday, lifted by expectations that a protracted trade dispute between the United States and China would be resolved soon. Optimism for a U.S.-China trade deal helped the dollar hit a three-week high against the yen on Friday, although moves in broader foreign exchange markets were limited as investors saw a lot of headlines but no conclusions out of the trade talks.
The euro rose slightly to 1.1228, its gains capped after data released on Thursday showed German industrial order dropped in February. strengthened back towards $1.31 as a senior European Union source said Donald Tusk was likely to offer Britain a flexible extension of the date of the country's exit from the bloc of up to one year.

Oil prices declined on Friday, with Brent slipping away from the $70 mark reached the previous day, but both main contracts were set for weekly gains due to mounting geopolitical risks. Brent crude futures LCOc1 dropped 16 cents to $69.24 a barrel.
Gold prices slipped on Friday as global stocks firmed and the dollar rose against the yen, but bullion held above a 10-week low touched in the previous session ahead of U.S. jobs data.

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