The rupee settled at 69.90 against 69.71 at the previous close. The local unit moved in 69.82 -70.03 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 70.23/$1 during European trades compared with Rs 69.79/$1 at start of Indian market Thursday. The pair traded at Rs 69.98/$1 at close of Indian market on Wednesday. Forward premia for dollar maturing in a year traded at Rs 2.82.
The dollar index, which measures the greenback against a basket of six major currencies, was at 97.330, down 0.1% from late Wednesday, due largely to declines against the safe haven yen and Swiss franc. The yuan fell to its lowest level since January against the dollar overnight, dipping to 6.8141.
The euro also continues to drift in a range around $1.12, with no major economic data scheduled for the day. the British pound remains in holding mode after a threat to U.K. Prime Minister Theresa May fizzled. Hopes for a cross-party deal that could deliver a smooth exit from the European Union remain low, however.
Gold prices gained on Thursday as a spike in trade tensions between the United States and China renewed fears of a global economic slowdown and forced investors to seek lower-risk assets. U.S. gold futures GCv1 were also 0.3 percent higher, at $1,285.20 an ounce.
Oil prices steadied on Thursday as an escalating trade battle between the United States and China counteracted upward pressure from a surprise decline in U.S. crude inventories.
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