The rupee settled at 70.88 against 71.03 at the previous close. The local unit moved in 70.8475-71.02 per dollar band intra-day.
Dollar/rupee ended lower Thursday on overseas inflows into local stocks amid improved risk sentiments on possible trade deal between US-China and easing crude oil prices. The rupee gained on FPI inflows amid improved investor sentiments. Media reports showed Saudi Arabia restored production capacity to 11.3 million barrels per day, a faster than expected recovery after the Sept 14 attacks that halved more than half the kingdom's output.
Global Currency
The dollar edged lower but held close to its recent highs on Thursday as investors struggled to make sense of U.S. President Donald Trump's mixed signals on a trade deal with China. Foreign exchange markets were quiet at the European open, with currency pairs little moved but the dollar's resilience this week was a sign of investor nervousness about the global outlook.
The euro hit a new low for 2019 against the dollar, EUR/USD falling to $1.0923. There was no immediate trigger for the new low, but it came against a backdrop of fresh uncertainty over European Central Bank policy after the resignation late Wednesday of Sabine Lautenschlaeger in an apparent act of protest against President Mario Draghi's insistence on reviving quantitative easing..
Global Markets
Gold edged higher on Thursday as investors bought into the market following a sharp fall in the previous session, but bullion's gains were limited as the dollar remained firm.
Oil steadied on Thursday amid optimism that the United States and China could resolve their trade dispute, though prices came under pressure from Saudi Arabia's moves to restore output quickly after attacks on its oil installations..
