India Rupee Slumps To 2-Week Low On Weak Risk Sentiment

The rupee settled at 69.34 against 68.87 at the previous close. The local unit moved in 68.9350-69.3550 per dollar band intra-day.
The Indian rupee fell to a two-week low against the dollar, as concerns over slowing global growth and slump in the Turkish lira dented investors’ appetite for risk assets. A correction in emerging market currencies was anticipated and this has been triggered due to global risk aversion that impacted rupee, while battered Turkish lira is also proving negative for the emerging market currencies. However, some pressure on the local currency eased, rupee liquidity in the financial year-end would have sold off dollars earlier today.

The dollar rose on Thursday as rival currencies struggled following more dovish soundings from central banks, while the yen gained as investor worries grew. The dollar index against a basket of six major currencies gained 0.3 percent to 97.028 .DXY and headed for its third day of gains.
The euro is flat against the dollar at $1.1250, testing a two-week low. The dollar index, which measures the greenback against a basket of six major currencies, was at 96.535, up around 0.3% from late trading in the U.S. on Wednesday. Sterling has refused to panic, however, and was back at $1.3154 against the dollar and 1.1702 against the euro, having dipped briefly after the vote.

Gold prices edged down on Thursday in Asia as the U.S. dollar gained on uncertainties around Brexit and Sino-U.S. trade talks. Gold Futures traded on the Comex division of the New York Mercantile Exchange were down 0.1% to $1,316.25 per ounce.
Oil prices were down on Thursday, extending losses into a second consecutive session following a surprise rise in U.S. crude inventories.

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