The rupee settled at 70.90 against 70.46 at the previous close. The
local unit moved in 70.76‐71.14 per dollar band intra-day.
The Indian rupee ended at an over two‐week low against the dollar,
in line with regional currencies amid global risk aversion and caution
ahead of Organization of Petroleum Exporting Countries’ decision on
crude oil output cut. Still, the rupee ended off lows as Brent crude oil
price slipped below $60 per barrel, after Saudi Arabia energy
minister said an output cut of one million barrel per day would be
The dollar and the yen rose on Thursday after the arrest in Canada of
a top executive of Chinese tech giant Huawei prompted fears of a
flare‐up in U.S.‐China trade tensions. The dollar has been under
pressure over concern about a possible U.S. recession.
The recent reaction to the U.S. yield curve inversion appears a little
hysterical, but the dollar will not be given the all clear sign until the
Fed meeting is hurdled. Fed policymakers are due to gather at a Dec.
18‐19 meeting, at which the central bank is widely expected to raise
interest rates. Focus is on how many rate hikes the Fed could for
2019.The euro was slightly lower at $1.1328 after retreating from
this week's high of $1.1419 scaled on Tuesday.
Oil lost nearly 5 percent on Thursday, after OPEC signalled it may
agree to a smaller output cut than expected. OPEC hopes to prop up
the price of crude, which has fallen by almost a third since October,
but U.S. President Donald Trump has demanded it make oil cheaper
by refraining from output cuts.
Gold prices were slightly lower on Thursday as the dollar firmed on
renewed trade tensions, but a decline in global equities helped keep
prices near the five‐week high hit this week.
Global Markets at one Glance
Markets at 5.00pm
Key Events of the Day
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