USD/INR ends 2-mo low on FII inflows into local stocks, subdued dlr

The rupee settled at 69.9950 against 70.28 at the previous close. The local unit moved in 69.95 -70.14 per dollar band intra-day.
Dollar/rupee ended two months low on Thursday on likely FII inflows into the local stocks amid subdued dollar after release of weak US economic data. Rupee ended up on selling by banks on behalf of overseas investors who bought into local stocks. Also dollar remained subdued after disappointing US economic data realease. Local stocks indices ended Thursday's lacklustre session marginally higher as most of the concerns that led to underperformance this year have been result of rising oil prices and political uncertainty have hit their peak in terms of negativity.

The yen rose one tenth of a percent to 111.65 yen per dollar JPY= , while the Swiss franc was also up 0.1 percent, at 1.0043 francs per dollar. The dollar index, which measures the greenback against a basket of six key rivals, was steady at 96.852 .DXY .
The euro paused just off three-week lows versus the dollar on Thursday's European Central Bank's meeting, which many hope will signal fresh stimulus for the economy and inject some life into currencies stuck in trading ranges. The ECB is expected to cut growth forecasts and is likely to provide its strongest signal yet that stimulus is coming in the form of more cheap long-term bank loans to fight an economic slowdown.

Oil prices crept up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by record U.S. crude output and rising commercial fuel inventories.
Gold prices steadied on Thursday ahead of a European Central Bank (ECB) policy meeting expected to present a cut in economic growth forecasts, with investors also awaiting U.S. jobs data.

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