India Rupee Rises To 8-Month High On Likely Inflows

The rupee settled at 68.7450 against 69.15 at the previous close. The local unit moved in 68.70-69.37 per dollar band intra-day.
The Indian rupee rose to an eight-month high against the dollar, gaining for the third consecutive session, amid inflows into local markets. We are seeing decent inflows in the domestic market related to the initial public offers and some small quantum in government debt,” said Ankur Jhaveri, co-head of multi asset trading at Edelweiss Securities. Oil prices did not weigh on rupee today but can prove negative in the future. Next trigger is the monetary policy outcome, which has the potential to impact flows in the debt market.

The British pound is back at its highest levels in a week in early trading in Europe on Wednesday after signs of a possible breakthrough on Brexit. The pound was at $1.3186, up around 0.5% from late Tuesday levels. The euro traded at 0.8505 pounds, down some 0.3% from late on Tuesday.
The yuan rose 0.2 percent in offshore markets to 6.7115 CNH=EBS , with analysts citing both improved optimism about momentum in the Chinese economy and the trade negotiations with the United States. conclusion is that the trade talks this week is crucial – either a deal can be done, or the negotiation will be extended again to June at least.

Oil prices rose for a fourth day on Wednesday, pushing Brent towards a nearly five-month high of $70 a barrel on OPEC-led supply cuts and U.S. sanctions, but a surprise increase in American inventories capped the gains.
Gold steadied on Wednesday, supported by a dip in the dollar, while gains were capped by a rally in global stocks following reassuring economic data from the United States and China.

Date	Time	Currency	Event	Actual	Forecast	Previous
03-04-2019	14.00	GBP	Services PMI (Mar)	48.9	51.0	51.3

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