The rupee settled at 70.01 against 69.66 at the previous close. The local unit moved in 69.3750 -70.0650 per dollar band intra-day.
USD/INR ends up as election-related rupee positives fade. The rupee rallied at the open on Thursday as the first lead signals from vote count centres indicated that exit poll results will eventually prove right and the Modi-led BJP government will return to continue the pro-market reform measures. The rupee rallied at the open on Thursday as the first lead signals from vote count centres indicated that exit poll results will eventually prove right and the Modi-led BJP government will return to continue the pro-market reform measures.
Global Currency
The dollar hit its highest level in a month as economic and political uncertainties swept through Europe and Asia, pinning down most major currencies like the euro and the yuan. The dollar hit a high of 98.262 against a basket of six major currencies .DXY , its highest since April 26, when it hit a two-year peak of 98.33. If it maintains its path, the dollar will be on track for a fourth consecutive month of gains.
The euro inched down to hit a one-month low of $1.1133 in early trade while sterling was within a sliver of slipping below $1.26 GBP=D3 for the first time since early January. The British currency is also set for its fourteenth straight day of losses against the euro.
Global Markets
Gold prices firmed on Thursday, supported by a slide in equity markets amid fresh trade tensions, but a strong dollar kept a lid on gains as investors flocked to the safe-haven U.S. currency. U.S. gold futures GCv1 were 0.2% higher at $1,276.20 an ounce.
Oil prices dropped on Thursday, extending falls from the previous session amid surging U.S. crude inventories as low refinery runs and ongoing trade tensions weighed on the demand outlook.
