The rupee settled at 70.8850 against 70.81 at the previous close. The local unit moved in 70.6225-70.9850 per dollar band intra-day.
USD/INR ends up on likely FII outflows from local stocks, debt. Euro traded lower against the US dollar on Wednesday after a weak German industrial production data, which was the worst annual decline in almost a decade. Weak German industrial output data led Euro down. It is compounding fear that Europe's largest economy could be heading for its first recession in more than six years. The euro traded at $1.1195 compared to $1.1201 at close of previous session.
The Reserve Bank of India (RBI) lowered its benchmark interest rates for a fourth straight meeting on Wednesday with a slightly bigger than expected cut, underscoring its worries about India's near-five year low economic growth pace. The six-member monetary policy committee (MPC) cut the repo rate INREPO=ECI by an unconventional 35 basis points (bps) to 5.40%, just above a 25 bps cut predicted by 80% of 66 analysts polled by Reuters last month.
Pound to US Dollar Exchange Rate Struggles to Sustain Recovery amid Safe Haven Demand Due to the latest global trade fears, investors have continued to buy safe haven currencies this week and the British Pound to US Dollar (GBP/USD) exchange rate’s appeal has been limited.
Gold scaled a six-year peak on Wednesday to within striking distance of $1,500 as investors continued to pile into safe havens to hedge against heightened U.S.-China trade tensions.
Oil prices fell further on Wednesday, extending recent heavy losses as deepening U.S.-China trade tensions weighed on the outlook for the global economy and energy demand. U.S. WTI crude futures CLc1 were down 17 cents, or 0.3%, at $53.46.
Global Markets at one Glance
Markets at 5.00pm
Key Events of the Day
Share this post?
Download RouteForex Mobile App
And Track Your Entire Portfolio
Request a Call Back
Your submission is received and our Expert will contact you soon