The rupee settled at 68.92 against 69.11 at the previous close. The local unit moved in 68.8350-69.21 per dollar band intra-day.
The Indian rupee rose for a third session against the dollar, on likely inflows into local assets and as minutes of the Federal Reserve’s latest meeting reinforced a dovish outlook. In recent times dollar inflows have helped rupee appreciate, and the trend continued today as well. Traders have positioned in anticipation of further flows, However, in late trade, importers’ dollar bids trimmed some of the gains in rupee. Market participants will watch out for any sharp movement in crude oil prices.
Global Currency
The dollar and euro were little changed on Thursday after the Federal Reserve and the European Central Bank hinted they were willing to leave interest rates alone amid trade tensions and signs of flagging growth. Sterling traded flat after European Union leaders extended the deadline for Britain to leave the EU, suggesting fears remain about where Brexit is headed.
The Fed on Wednesday released the minutes on its March 19-20 meeting at which policy-makers signaled they would not raise rates in 2019. ECB President Mario Draghi underscored the risks facing the euro zone economy.
Global Markets
Rising U.S. crude stocks dragged oil lower on Thursday but prices continued to find a floor as OPEC-led cuts and freefalling Venezuelan output tightened global supplies.
Gold eased on Thursday as investors booked some profit from the metal's strong run this week, but bullion held near a two-week peak supported by concerns over an economic slowdown, as major central banks retained a dovish policy stance.
