The rupee settled at 71.80 against 71.77 at the previous close. The local unit moved in 71.6950-72.0825 per dollar band intra-day.
USD/INR ends up on likely FII outflows from local stocks. Rupee rebounded to Rs 71.72/$1 after China's Ministry of Commerce said that US and China would continue to do "effective communication" over the ongoing trade war. Ministry of Commerce spokesman Gao Feng said China won't immediately retaliate against the latest tariff announced by President Donald Trump last week and that it was more important to discuss removing the extra duties.
The Japanese yen was set for its biggest monthly rise since May on Friday as risk appetite remained on the back foot with investors sceptical of a breakthrough in the U.S.-China trade war any time soon. Investors are still concerned about the trade war and there is little optimism we will see a substantial breakthrough in negotiations.
U.S. President Donald Trump's administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of Sept. 1 and Dec. 15. the greenback JPY=EBS , the yen edged 0.2% lower to 106.28 but was on track for a 2.5% rise against the dollar for the month of August, its biggest such rise in three months.
Oil prices moved in opposite directions on Thursday, with Brent easing but holding above $60 a barrel while a sharp fall in U.S. inventories last week boosted WTI futures. Brent crude LCOc1 was down 9 cents at $60.40 a barrel.
Gold steadied near a six-year peak on Thursday and silver rose to its highest in more than two years as fears of a global recession, exacerbated by the protracted U.S.-China trade war, drove interest for safe havens.
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