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The Rupee reversed course and fell for the fourth consecutive session on Monday, pressured by corporate dollar buying that was further complicated by a shortfall in supply. The local unit found early support as the dollar weakened against major peers and Asian currencies, with investors paring dollar exposure amid mounting tensions over Greenland and threats of U.S. tariffs on European nations. The rupee ended at 90.91 to the dollar, its lowest closing level since December 16. It settled at 90.8650 on Friday. The rupee has breached the key zone of 90.30–90.50, with the all-time high of 91.0750 as the next major level to monitor, he added. The currency's inability to hold on to its opening advance underscores the current balance in the forex market, where any form of recovery is offset by corporate dollar demand and an overall lack of supply. Apart from this, outflows from equity markets also continue to hurt sentiment. Foreign investors have withdrawn over $2.5 billion from Indian stocks so far in January. The U.S forex market was closed on Monday, January 19, due to the Martin Luther King Jr public holiday. Reuters will resume the reports during Asian trading hours on Tuesday January 20. Sterling rose on Monday as markets looked to UK economic data points due throughout the week, while U.S. President Donald Trump's tariff threats against Europe over Greenland raised geopolitical concerns. The pound was up 0.16% to $1.3402. It ended the previous week down 0.13%. The euro was flat against the pound at 86.75 pence . So far this year, the pound is down around 0.5% against the dollar, yet has strengthened a similar amount against the euro. In the coming days, November UK employment data, as well as December inflation and retail sales figures are due. Trump over the weekend said an additional 10% tariff would be applied to goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Britain from February 1 until the United States can buy Greenland. Oil prices steadied on Monday as civil unrest in Iran subsided, reducing the likelihood of a U.S. attack that could disrupt supplies from the major producer, while market-watchers turned their attention to the stand-off over Greenland.Brent crude was up one cent, or 0.02%, at $64.14 a barrel by 1650 GMT.......
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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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