The rupee settled at 72.67 against 72.89 at the previous close. The local unit moved in 72.52-72.83 per dollar band intra-day.
The Indian rupee rose for the third time in four sessions against the dollar, as lower crude oil prices and reports of talks between the U.S. and China eased concerns over trade feud between the world’s biggest two economies. Lower crude oil prices and renewed talks over likely U.S.-China negotiations are helping sentiments, but any large gains in the rupee were not seen as this has been going on in the market for quite some time now.
The dollar was trading near the highest levels of the year on Tuesday, amid expectations for higher U.S. interest rates, while the pound rebounded from one-and-a-half week lows despite ongoing Brexit uncertainty. The dollar was trading close to five-week highs against the yen, with USD/JPY up 0.23% to 114.10.
The euro edged higher, with EUR/USD inching up 0.1% to 1.1230. The single currency struggled to make headway with investors focused on the ongoing row between Brussels and Rome over Italy’s budget. The European Commission rejected Italy's 2019 budget last month, because it was in breach of European fiscal rules.
Oil prices fell more than 2 percent on Tuesday after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market. Both crude benchmarks have fallen more than 20 percent since peaking at four-year highs in early October.
Gold prices edged higher on Tuesday as investors resorted to bargain-hunting after the precious metal fell to over one-month lows weighed down by a stronger dollar.
Global Markets at one Glance
Markets at 5.00pm
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