The rupee settled at 69.71 against 69.4250 at the previous close. The local unit moved in 69.47 -69.73 per dollar band intra-day.
Dollar/rupee ended lower on Wednesday evening as risk aversion related to the US-China trade tensions increased dollar demand from foreign investors in local stocks. Dollar/rupee in the non-deliverable forward market maturing in one month traded at Rs 69.86/$1 during European trades and Rs 69.91/$1 at start of Indian market Wednesday. The pair traded at Rs 69.70/$1 at close of Indian market on Tuesday. The spot pair traded at Rs 69.71/$1 compared to its open of Rs 69.55/$1 and previous close of Rs 69.42/$1.
The dollar was marginally lower in early trading in Europe on Wednesday after concerns about the escalating trade war between the U.S. and China caused another day of sharp losses in global stock markets. The dollar index, which measures the greenback against a basket of six major currencies, was at 97.18, down around 0.2% from late Tuesday in Europe. That was due largely to the yen, which dipped below 110 to the dollar for the first time since late March.
The euro has weathered a sharp downward revision to the EU’s growth forecasts for the year, announced on Tuesday, which had already been prefigured by similar moves from the European Central Bank and national governments
Gold prices hit their highest level in more than a week on Wednesday as renewed concern over the U.S.-China trade dispute and its potential impact on global growth dented risk sentiment, spurring some demand for safe-haven assets.
Brent oil held steady near $70 a barrel on Wednesday as record Chinese imports and tighter global supplies eased concerns about a deepening trade spat between the United States and China.
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