The rupee settled at 71.0450 against 71.24 at the previous close. The
local unit moved in 70.9825-71.40 per dollar band intra-day.
The Indian rupee rebounded from early losses to rise for the first
time in five sessions against the dollar, as state-run and private
banks sold the greenback likely on behalf of exporters. There was a
strong resistance around 71.35-71.40 levels, from where the reversal
happened as all the negatives have already gotten discounted in the
unit, The fiscal noise and oil-related worry is there for some time
now and until there is no concrete development on the fiscal front,
we don’t see rupee depreciating beyond 71.40. Developments on
U.S.-China trade talks will impact move in coming days
Global Currency
The U.S. dollar pushed higher against a basket of its key rivals on
Thursday, building on its recent strong gains, while the pound
slipped amid softer risk sentiment. Market sentiment remained
subdued amid concerns the U.S. government shutdown is beginning
to take a toll on the economy, while investors awaited more cues
from the Federal Reserve after a growing number of its officials
expressed caution about further rate hikes.
The pound was weaker against the dollar, with GBP/USD down
0.18% to 1.2857 as uncertainty over Brexit rumbled on. Sterling was
a touch lower against the euro, with EUR/GBP inching up 0.14% to
0.8856.
Global Markets
Oil prices steadied on Wednesday after climbing about 3 percent in
the previous session on expectations that OPEC-led production cuts
will tighten supply and that possible Chinese stimulus might help the
global economy.
The U.K.'s political and economic problems and a no-confidence vote
on Prime Minister Theresa May after her failed Brexit deal vote are
keeping alive gold bugs hope of recapturing highs of above 1,300 per
