The rupee settled at 69.06 against 69.15 at the previous close. The local unit moved in 69.06-69.3175 per dollar band intra-day.
Dollar/rupee ended at two-month low Thursday on likely overseas fund inflows into local debt amid improved risk-appetite on hopes of US-China trade deal in the upcoming G20 meet. Foreign banks sold dollars today mostly for FPIs investing in local government debt segment," said a dealer with a public sector bank. After positive news on the US-China trade truce and upbeat comments from President Trump also helped the local currency. Dollar/rupee ended at intraday low of Rs 69.06/$1 Thursday, level last seen on April 11, 2019 compared to previous close of Rs 69.15/$1.
The dollar held on to gains made in its recovery from recent lows on Thursday on hopes that the United States and China will agree to a trade truce before a G20 summit this weekend, although investor sentiment remained fragile. The dollar rose to as high as $1.1347 earlier but was flat on the day at $1.1367.
The Fed also faces pressure from Trump to lower rates at a time when the president has attacked European Central Bank plans to inject more stimulus and possibly ease policy. Sterling rose 0.2% to $1.2714 GBP=D3 after Boris Johnson, the frontrunner to replace Theresa May as British prime minister, said that the chance of a no-deal Brexit was "a million-to-one.
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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