The rupee settled at 70.3350 against 70.4350 at the previous close. The local unit moved in 70.1750 -70.3850 per dollar band intra-day.
Dollar/rupee ended down for the second straight day Wednesday on selling by foreign banks amid easing US-China trade woes and lower crude oil prices. Risk-sentiments eased after Trump's comment and foreign banks sold in spot today. Oil is also down reducing oil related dollar buying. Risk-sentiments took a breather after US President Donald Trump's reference to the US-China trade war as a "little squabble. Adding to that, crude oil prices eased after a surprise rise in US crude stockpiles.
The dollar was higher in early trading in Europe on Wednesday, supported by comments from senior Federal Reserve officials playing down the likelihood of interest rate cuts, and by a fresh bout of safe-haven buying on geopolitical tensions. The dollar index, which measures the greenback against a basket of six major currencies, was at 97.36, up nearly half a percent from Monday’s lows and up 0.1% from late on Tuesday.
The euro held at a one-week low on Wednesday, ignoring data from Germany that showed the economy returned to growth in the first quarter, as trade tensions between the world's two biggest economies cast a shadow over risk appetite.
Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar.
Oil fell on Wednesday after data showed a surprise rise in U.S. crude inventories and the U.S.-Chinese trade dispute threatened oil demand, although Middle East tensions capped losses.
Global Markets at one Glance
Markets at 5.00pm
Key Events of the Day
German GDP (QoQ) (Q1)
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