The rupee settled at 70.1350 against 70.1450 at the previous close.
The local unit moved in 69.8750‐70.2750 per dollar band intra-day.
The Indian rupee was little changed against the dollar in choppy
trade, as month‐end greenback demand from importers and weak
local shares amid uncertainty around U.S. political issues offset early
gains from exporters’ dollar sales. There are more of exporters in the
market as compared to the importers, which led to a very choppy
session as volumes were dull. Weak local shares weighed on
sentiments too. This week, rupee is likely to remain in a range and is
unlikely to sway strongly in either direction.
Global Currency
The euro and the Japanese yen gained in thin trading on Monday as
concerns about a partial U.S. government shutdown weighed on
investor sentiment and the dollar, although Chinese plans to cut
tariffs on a range of goods helped to lift the mood.
The pound was stuck near four‐month lows against the euro on
Monday and while it extended its recent rebound versus the dollar,
traders said the currency would struggle to make much headway
before crucial Brexit developments in January. Against the euro, the
pound dropped 0.1 percent to 90.030 pence. Against the dollar, the
pound rose 0.2 percent to $1.2652.
Global Markets
Oil prices edged up on Monday after evidence that a recent fall to
15‐month lows may be affecting output in the United States, the
world's largest producer, although concern about the outlook for
demand tempered gains. Brent crude futures were up 8 cents at
$53.90 a barrel, while U.S. crude futures eased by 5 cents to $45.54.
Gold rose on Monday, trading near last week's six‐month high, as
concerns about a possible U.S. government shutdown and global
growth weighed on the dollar and equity markets, boosting the
appeal of assets viewed as safer, such as bullion.
