The rupee settled at 73.1500 against 73.5650 at the previous close. The local unit moved in 73.09-73.3325 per dollar band intra-day.
Indian Rupee jumped for a second session, with the benchmark note at a two-month high, as a plunge in the crude oil prices and stronger rupee boosted demand. Crude oil prices slumped after Saudi Arabia assured to keep oil markets well supplied to make up for any supply deficit due to the U.S. sanctions on Iran’s oil exports that takes effect next month.
The dollar was little changed against the yen, with USD/JPY at 112.46. The U.S. dollar index, which measures the dollar strength against a basket of six major currencies, was up 0.37% to 96.07, the most since August 20, boosted by the weaker euro. Overnight, President Donald Trump stepped up his criticism of the Federal Reserve and its chairman Jerome Powell, for hiking borrowing costs.
The euro skidded more than half a percent to its weakest since Aug. 20 on Wednesday after signs that economic growth could be slowing across the euro zone and the euro zone's government bond yields dropped on Wednesday after data showed business growth in the single currency area lost more momentum than expected, as trade tensions and worries over Italy overshadow the economy.
Oil slipped to around $76 a barrel on Wednesday, paring losses after hitting its lowest since late August, pressured by concern that demand is weakening and supply ample even as U.S. sanctions loom on oil exporter Iran.
Gold steadied off the previous day's three-month peak on Wednesday as the dollar firmed, but prices held at elevated levels after this week's drop in stock markets pointed to softer appetite for risk. On Tuesday, the precious metal touched its highest since July 17 at $1,239.68.
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Markets at 5.00pm
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