The rupee settled at 68.44 against 68.5650 at the previous close. The local unit moved in 68.29-68.4725 per dollar band intra-day.
Dollar/rupee ended down Thursday tracking a weak greenback amid likely overseas inflows into local debt. Dollar is sharply down after Fed Powell's testimony. Foreign banks were on the sell-side. FII inflows into local government debt segment also weighed on the spot. US dollar weakened against its major counterparts after a dovish testimony from the Federal Reserve Chair Jerome Powell reinforced prospects of a cut in US interest rate later this month.
The dollar was mostly lower in early trading in Europe Thursday, extending losses made on Wednesday after Federal Reserve Chairman Jerome Powell dropped his clearest hint yet that the central bank will cut interest rates at its next policy meeting at the end of the month. The dollar’s biggest losses were against the yen, dipping as low as 107.86, before rebounding to just above 108 in Europe.
The euro also hit its highest level in nearly a week to trade up 0.2% at $1.1271. Whether it goes on to test $1.13 may depend on the accounts of the last European Central Bank’s policy meeting, which are due for release
Oil prices hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted tensions in the region.
Gold prices rose to a one-week high on Thursday, extending gains from the previous session after U.S. Federal Reserve Chairman Jerome Powell's dovish remarks bolstered expectations of an interest rate cut this month.
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