The Rupee closed weak paring early gains as dollar sales from state-run banks offset demand from local corporates and slight weakness in broader Asian peers. The local unit fell to a record low of 83.45 in the closing minutes of Wednesday's session but managed to recover on likely intervention from the Reserve Bank of India. While dollar sales from state-run banks spurred speculation that the RBI might be intervening in the market. The dollar index was down slightly at 104.34, while most Asian currencies slipped with the Malaysian ringgit lower by nearly 0.3% and leading losses. The dollar gained on the euro and pound on Thursday after a U.S. Federal Reserve policy maker said he wasn't in a hurry to cut rates, while traders braced for key economic data and hesitated to move on the yen on concern about a potential Japanese intervention. The euro was last down 0.41% at $1.0782 at its lowest in five weeks, and the pound was down 0.22% at $1.2614. That left the dollar index up 0.2% at 104.63, having touched its highest since mid-February. Market expectations for the first rate cut to occur at the Fed's June meeting have eased somewhat. Current pricing has it at a 60% chance, compared to 67% around this time last week. Oil prices firmed on Thursday, following two consecutive sessions of decline, as investors saw a tighter supply outlook ahead, while the OPEC+ producer alliance was widely expected to stay the course on its current production cuts. Brent crude futures for May were up 91 cents, or 1.1%, at $87 a barrel while the more actively traded June contract rose 75 cents, or 0.9%, to $86.16 at 1101 GMT. The May contract expires on Thursday.......
The US dollar weakened sharply against other major currencies after data showed that the US economy suffered a record contraction in Apr-Jun, while jobless claims rose in the week ended Saturday also rose.The US unit also extended its decline globally on Thursday after Trump raised the possibility of delaying presidential election in the US, scheduled for November.European Stocks ended lower on Thursday due to mounting concern over sluggish economic recovery and a possible second wave of the COVID-19 pandemic.Germany reported its worst decline in GDP since 1970, with the Eurozone’s largest economy shrinking 10.1% quarter-on-quarter in Apr-Jun.Corporate earnings were high on investors' agenda on Thursday.In the US, Most share indices ended lower on Wednesday following bleak economic data.Lack of progress in talks between Congressional Democrats, Republicans and the White House on a new coronavirus aid package also weighed on sentiment.Gold futures settled lower on Thursday after nine consecutive days of gains, with the bullion retreating from a record rally as traders booked some profit.......