The rupee settled at 71.98 against 72.3050 at the previous close. The local unit moved in 71.98-72.19 per dollar band intra-day.
The Indian rupee gained for a third consecutive session to end at a two-month high against the dollar, as investors’ appetite for risk assets improved amid hopes that the U.S. and China can resolve their trade differences. The rupee opened higher as most Asian currencies gained after the dollar index fell below 97 again. Risk-on rally in global markets further supported the local unit,
Global Currency
The dollar jumped and traders bought into the safe-haven yen on Thursday after Britain's Brexit deal with the European Union was plunged into uncertainty, spooking investors across currency markets. The resignation of a series of British ministers in opposition to the newly-agreed Brexit withdrawal deal sent sterling plummeting more than one percent. Raab's resignation leaves May battling for survival as well as trying to win over her Conservative Party to support the EU withdrawal agreement.
The euro, after earlier trading 0.3 percent higher, fell 0.2 percent to $1.1291 EUR= .Sterling shed as much as 1.7 percent versus the dollar to below $1.27 GBP= and 1.5 percent versus the euro to 88.44.
Global Markets
Oil prices steadied on Thursday, having lost nearly 7 percent over the previous three days, but concern over the prospect of an oversupplied market next year remained in spite of OPEC's message that it may cut crude output.
Gold prices held steady on Thursday, after rising nearly a percent in the previous session, as the dollar retreated further from a 16-month peak against a basket of currencies.
