The rupee settled at 68.68 against 68.44 at the previous close. The local unit moved in 68.44-68.68 per dollar band intra-day.
Dollar/rupee ended down higher tracking a weak greenback amid likely overseas outflow from local debt. Dollar is sharply down after Fed Powell's testimony. Foreign banks were on the sell-side. FII inflows into local government debt segment also weighed on the spot. US dollar weakened against its major counterparts after a dovish testimony from the Federal Reserve Chair Jerome Powell reinforced prospects of a cut in US interest rate later this month.
Global Currency
The dollar was higher against the British pound and emerging market currencies in early trading in Europe Wednesday, but range-bound against most of its peers as the market braced for Federal Reserve Chairman Jerome Powell’s two days of testimony before Congress. Powell is due to start his testimony at 10:00 AM ET (14:00 GMT), against a backdrop of elevated uncertainty over the path of interest rates for the rest of the year.
The euro was at $1.1216, up 0.1% from late Tuesday. The dollar index, which tracks the greenback against a basket of developed-market peers, was unchanged at 97.08. The pound also hit a six-month low against the euro.
Global Markets
Oil prices hovered near six-week highs on Friday and was on track for a weekly gain as U.S. oil producers in the Gulf of Mexico cut more than half their output because of a tropical storm and as tensions continued to simmer in the Middle East.
Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns. U.S. gold futures GCv1 rose 0.1% to $1,407.60 an ounce.
