The rupee settled at 69.4950 against 69.5250 at the previous close. The local unit moved in 69.3450 -69.6125 per dollar band intra-day.
USD/INR ends down on likely FII inflows into the local stocks, weak Dollar. Recovery in crude oil prices also weighed on the rupee outlook, weakening the local currency against the greenback. At 2:28PM, USD/INR traded at Rs 69.59/$1, after rising to its day's high of Rs 69.61/$1 and from the previous close of Rs 69.525/$1. The spot pair was down in the morning tracking a weak dollar and also taking cues from crude prices that were trading in the red then.
The U.S. dollar slipped on Friday as traders digested the impact of see-saw trade headlines on the stronger greenback. U.S. manufacturing activity on Thursday hit its lowest level in almost a decade in May, which could mean the U.S. economy is slowing down. Trade tensions eased Friday after U.S. President Donald Trump said that a deal with China could include Huawei in some form. The administration has put the Chinese tech giant on a blacklist, causing a rippling effect among technology firms around the globe.
The euro was higher after Dutch Labor Party Frans Timmermans won the European Elections in a surprising victory. EUR/USD gained 0.2% to 1.1197.
Oil prices were mixed on Monday, with U.S. crude under pressure from Sino-American trade tensions, while Brent prices were supported by OPEC's supply cuts.
Gold prices rose on Monday in Asia as fears over the escalating U.S. - China trade spat underpinned safe haven demand for the precious metal and weak U.S. economic data bolstered expectations for a Federal Reserve rate cut.
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