The rupee settled at 71.64 against 71.92 at the previous close. The local unit moved in 71.5450-72.0850 per dollar band intra-day.
Dollar/rupee ended at eleven week low Monday on selling by foreign banks and exporters amid likely overseas fund inflows into local stocks. Local stocks ended higher, for a third straight trading day, supported by buying across sectors as market participants remained optimistic about a positive outcome from Monday's Reserve Bank of India (RBI) board meeting.
The dollar steadied on Monday after posting its biggest weekly drop in two months last week as investors grew cautious about the near term outlook for the greenback after dovish comments by U.S. policymakers. The dollar has been the surprise winner of 2018, having risen nearly 10 percent from April lows thanks to a combination of interest rate hikes and strong data.
The pound was holding above the 1.28 level against the dollar, with GBP/USD rising 0.3% to 1.2872 after selling off last week amid turmoil over British Prime Minister Theresa May's draft Brexit deal. Sterling found some support following reports that the European Union’s chief negotiator proposed extending the Brexit transition period for another two years to give the UK and EU more time to complete a trade deal.
Oil rose for a fourth session in a row on Monday, buoyed by the prospect that top exporter Saudi Arabia will push OPEC and maybe Russia to cut supply towards the end of this year. Brent crude futures LCOc1 were up 24 cents at $67.00 a barrel by 1000 GMT.
Gold prices edged lower as investors took some profit after the metal rose for four consecutive sessions last week, though the prices were supported by a muted dollar on Federal Reserve's concerns over the global economy.
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