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The Rupee closed out a second consecutive week of gains against the dollar, a feat it last achieved ?six months ago, supported by flows from the unwinding of residual arbitrage ?positions, as well as a plunge in crude oil prices after a short-term ceasefire between U.S. and Iran. The currency ended marginally lower for the day after a choppy session that saw ?it touch a three-week peak of 92.4150 per dollar before slipping to ?92.7550 during the day. It ended 0.1% lower than its previous close, ?gaining 0.4% this week. In recent sessions, the rupee has drawn support from the ?Reserve Bank of India's move to impose limits on banks' onshore FX net open positions, ?which forced lenders to sell dollars in the local market. The pound fell slightly on Friday but was still set for its biggest weekly increase in three months after the U.S.- Iran ceasefire raised hopes ?for an end to a conflict that has sent energy prices soaring ?and threatened global growth. Sterling slipped 0.15% to $1.342 but was on track for a weekly increase of 1.7%, the biggest such rise since mid-January. The pound rallied 0.7% on Wednesday after U.S. ?President Donald Trump announced an agreement on a two-week ceasefire that would ?see Iran reopen the key Strait of Hormuz, through which 20% ?of global oil and liquefied natural gas shipments typically flow. The ?pound fell 1.9% against the dollar in March as energy prices shot higher and stock markets tumbled, pushing investors towards the U.S. currency, which is seen as a safe haven in times of stress. Yet the dollar index , which tracks the currency against six ?peers, was on track for its biggest weekly fall since ?mid-January on ?Friday as investors sold the greenback to move back into stocks, bonds and other currencies. The euro was little changed against the pound on Friday at 87.06 pence. ?It has ?fallen around 0.7% against sterling since the ?war began as traders have tried to gauge who will take the biggest economic hit. Oil prices were ?poised for their biggest weekly declines since last June but remain elevated near $100 a barrel on concerns over supplies from Saudi Arabia and limited flows through the Strait of Hormuz. Brent crude futures were down 36 cents, or 0.4%, at $95.56 a barrel by 1317 GMT. West Texas Intermediate futures ?rose 15 cents, or around 0.2%, to $98.02.......
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GlobalFX

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.......
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