The rupee settled at 72.1850 against 72.69 at the previous close. The local unit moved in 71.9250-72.91 per dollar band intra-day.
The Indian rupee rebounded from record-low levels intraday to end higher for the first time in three sessions, on news Prime Minister Narendra Modi may review the nation’s economic situation over the weekend, raising hopes for steps to stem the currency’s recent slump. The expectation that government may announce measures helped prop up the rupee.
The dollar was largely unchanged on Wednesday as markets remained cautious over the likelihood of an escalation in the trade conflict between the United States and China in the backdrop of growing weakness in the renminbi. The U.S. dollar index, which measures the dollar strength against a basket of six major currencies, was 0.1% higher at 95.15.
Investors remained focused on the U.S.- China trade dispute amid fears that an escalation could be imminent.China will ask the World Trade Organization next week for permission to impose sanctions on the U.S. for Washington's non-compliance with a ruling in a dispute over U.S. dumping duties. This comes after President Donald Trump announced Friday that there could more trade tariffs against Beijing totaling $267 billion.
Oil cut earlier losses and rose towards its highest level this year on Wednesday, after a drop in U.S. crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production.
Gold was steady on Wednesday, failing to break from a narrow trading range as investors remained concerned about a simmering trade war between the United States and China. Spot gold XAU= was off just 0.07 percent at $1,196.70 an ounce.
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