The rupee settled at 73.44 against 73.4550 at the previous close. The local unit moved in 73.3150-73.53 per dollar band intra-day.
The Indian rupee was little changed against the dollar, as local shares extended gains that offset losses from importers’ month-end greenback demand. Despite it being an (futures) expiry day today, dollar demand was muted that led to a rangebound trade without much volatility. But in coming days, the factors that can lead to rupee’s depreciation can persist, as we have the jobs report this week and U.S. mid-term election in November.
Global Currency
The dollar edged higher against a basket of the other major currencies on Monday, holding close to Friday’s 10-week highs as investors around the globe remained cautious, while the euro slipped following weekend elections in Germany. Demand for the dollar continued to be underpinned after data on Friday showing that the U.S. economy slowed less than expected in the third quarter.
The euro was a touch lower, with EUR/USD down 0.1% to 1.1390 following a setback for German Chancellor Angela Merkel’s coalition government in regional elections on Sunday. The pound was lower against the dollar, with GBP/USD off 0.13% at 1.2812 as investors awaited the autumn budget statement from British Chancellor Philip.
Global Markets
Oil prices fell on Monday, as concern over the global economy put crude on track for its biggest monthly fall since mid-2016. Brent crude oil futures LCOc1 were down 34 cents at 77.28 a barrel. While U.S. crude futures CLc1 fell by 30 cents to $67.29.
Gold prices edged lower on Monday as the dollar firmed, but the metal moved in a narrow range as worries over U.S. corporate earnings and a slowdown in global economic growth weighed on Asian shares. Spot gold was down 0.2 percent 1,230.68 an ounce at 0807 GMT, with prices moving in a range of $6.
