The rupee settled at 70.35 against 70.07 at the previous close. The
local unit moved in 70.18‐70.3975 per dollar band intra-day.
The Indian rupee closed at an over one‐week low against the dollar,
dragged down by importers’ greenback demand for month‐end
payments and after an overnight spike in crude oil prices. Month‐end
dollar demand from oil and other importers and a $5 surge in crude
oil prices in a single session at a time when global sentiments remain
fragile dragged the rupee lower in a subdued trade, increasing the
volatility in recent sessions,
Global Currency
The dollar retained most of its overnight gains on Thursday but was
off its peak for the week so far amid thin volumes, as signs of easing
trade tensions and strong U.S. economic data sent Wall Street stocks
and Treasury yields higher.
Sterling held above a three‐day low on Thursday as investors
remained side‐lined awaiting another round of Brexit developments,
as a broadly weaker dollar offered some support to the struggling
British currency. The pound has performed well against the dollar
after hitting 20‐month lows on Dec. 14, last week enjoying its best
weekly performance since November, but any turn in sentiment still
appears elusive.
Global Markets
Oil prices fell on Thursday after rebounding 8 percent in the previous
session, as worries over a glut in crude supply and concerns over a
faltering global economy pressured prices even as a stock market
rally offered support.
Gold rose on Thursday, trading near six‐month highs hit in the
previous session, supported by a weaker dollar and buyers hedging
against volatile stock markets. U.S. gold futures GCv1 rose 0.2
percent to $1,275.10 per ounce
