The Rupee closed weak against the dollar as the U.S. dollar's dominant reserve currency status is likely to endure partly because even the most talked about alternative the Chinese yuan falls short as a credible challenger. The pound firmed on Thursday, taking advantage of a rare bit of dollar weakness and the pushing back of expectations of Bank of England rate cuts to drag itself further from Tuesday's five-month low on the greenback. Sterling was last up 0.17% on the U.S. currency at $1.24755, managing a rare two successive days of gains, after dropping to $1.2405 on Tuesday, its lowest since mid November. The pound touched its strongest on the euro in a month on Wednesday with the euro down at 85.21 pence after the inflation data, though it has been trading in such a narrow range since February that this is not a sign or enormous volatility. Oil prices fell to a three-week low on Thursday, extending losses on hopes of easing tensions in the key producing region of the Middle East, while investors turned their focus to a bleaker demand picture. Brent futures were down 60 cents, or 0.7%, at $86.69 a barrel, while U.S. crude futures traded 53 cents lower, or 0.6%, at $82.16 a barrel at 1135 GMT. Both were down for a fourth straight session. Gold prices rose on Thursday on a weaker U.S. dollar and as investors sought a safe-haven on fears the Middle East conflict could widen, dampening headwinds from the prospect of fewer U.S. rate cuts this year. Spot gold was up 0.9% at $2,382.27 per ounce at 1142 GMT. It had touched an all-time high of $2,431.29 last Friday. U.S. gold futures rose 0.4% to $2,397.70.......