The rupee settled at 69.15 against 69.34 at the previous close. The local unit moved in 69.11-69.4750 per dollar band intra-day.
USD/INR ends up on likely FII inflows into local stocks. Dollar/rupee in offshore market traded lower during European trades Wednesday tracking the fall in spot pair. Dollar/rupee in the non-deliverable forward (NDF) market maturing in one month traded at Rs 69.59/$1 during European trades and Rs 69.76/$1 at start of Indian market Wednesday. It traded at Rs 69.67/$1 at close of Indian market on Tuesday.The spot pair traded lower on likely overseas fund inflows ahead of monthly options expiry.
The dollar bounced from a three-month low on Wednesday as traders dialled back expectations of aggressive interest rate cuts from the U.S. Federal Reserve after comments by policymakers. However, Powell's comments tamped down those expectations, pulling the dollar up from three-month lows against a basket of other currencies in the previous session at 95.843 .DXY . It was up 0.1% at 96.265.
The euro gained against the perceived safe-haven Swiss franc and the dollar also strengthened against the yen after U.S. Treasury Secretary Steven Mnuchin told CNBC that a trade deal between the United States and China was "about 90%" complete.
Oil prices rose on Wednesday, buoyed by an outage at a major refinery on the U.S. East Coast and industry data that showed U.S. crude stockpiles fell more than expected.
Gold prices slipped more than 1% on Wednesday, moving away from a six-year peak hit on the previous day, as U.S. Federal Reserve officials played down expectations of aggressive rate cuts, while investors locked in profits following a strong rally.
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