The rupee settled at 70.87 against 71.08 at the previous close. The local unit moved in 70.85-71.34 per dollar band intra-day.
Dollar/rupee ended lower Thursday on tracking weakness in dollar amid inflows into Bharat-22 Exchange Traded Fund (ETF). The spot ended down as weak US economic data weighed on dollar index. Selling by foreign banks and inflows into Bharat ETF supported rupee. The ISM Manufacturing PMI in the US dropped to 47.8 in September from 49.1 in the previous month, missing market expectations of 50.1. private businesses in the US hired 135k workers in September, missing market expectations of 140k workers.
Global Currency
The dollar rebounded from a near one-month low versus the Japanese yen on Thursday in choppy trading, with markets dogged by risk aversion before U.S. data later in the day. Data on Tuesday presented a dire picture of the sector with the Institute for Supply Management reading falling to its lowest level in more than 10 years. are now waiting for the ISM services report later in the day and Friday's employment report to confirm or quell recession worries.
sterling was little moved despite a surprise contraction in the services sector as investors waited to receive a formal European Union response to Britain's latest Brexit offer. The pound drifted 0.1% higher to $1.2315. GBP
Global Markets
Gold steadied near $1,500 on Thursday, having risen more than 1% in the previous session after the United States announced tariffs on European goods creating more uncertainty for the global economic outlook.
Oil slipped further below $58 a barrel on Thursday, pressured by concerns about global economic growth, oil demand and signs of excess supply despite OPEC-led cuts.
