The rupee settled at 69.5350 against 69.7050 at the previous close.
The local unit moved in 69.43 -69.79 per dollar band intra-day.
The Indian rupee jumped to a 10-week high to rise for a third session
against the dollar, on greenback sales by exporters amid strength in
local shares that increased hopes of foreign fund inflows. Rupee
opened weaker, but recouped losses once the oil bids were
absorbed by exporters. The 69.50 level was an immediate resistance
for the local unit, which was broken as the foreign fund inflows have
been strong and FIIs have been bringing funds in last few sessions, A
weaker dollar index also helped apart from the rising stock market.
Global Currency
The British pound is higher against the dollar and euro in early
trading in Europe Wednesday, as the market leans on balance
towards believing that Brexit will be softened, delayed or even
cancelled. The U.K. parliament rejected the government’s deal on
leaving the European Union for a second time on Tuesday,
effectively killing it as the EU has said it isn’t prepared to negotiate
any more on the terms of leaving.
The dollar index, which measures the value of the greenback against
a basket of six major currencies, was at 96.94, practically unchanged.
The House of Commons is due to vote later Wednesday on whether
to leave the EU without a deal on March 29.
Global Markets
Oil prices rose on Wednesday, buoyed by an official forecast showing
slower-than-expected U.S. production, and as U.S. sanctions stall
exports from Venezuela.
Gold rose to a near two-week peak on Wednesday, holding above
the key $1,300 mark as uncertainty over Britain's exit from the
European Union drove investors to safe haven assets. U.S. gold
futures GCv1 rose 0.8 percent to $1,308.50.
