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The Rupee closed just shy of its record low on Friday, largely supported by intervention by the central bank which countered pressure from outflows and a pickup in appetite to wager against the currency. The rupee closed at 89.4575 against the U.S. dollar, down 0.6% on the month and a whisker away from its record low of 89.49 hit on November 21. Elsewhere, the dollar index was up 0.2% at 99.75, on course for a weekly fall as investors held firm to wagers that the Federal Reserve will cut interest rates next month. Asian currencies were trading mixed with the offshore Chinese yuan hovering near its strongest level in a over a year while the Korean won was down 0.5%. The focus now turns to India's GDP growth data for the July-September quarter due later in the day. The U.S. dollar was heading for its worst weekly performance since late July on Friday as traders increased bets that the Federal Reserve will cut rates again next month. The dollar has tumbled this week as traders conclude that weakening labor data will lead to more Fed rate cuts even as many Fed policymakers express concern about still elevated inflation. Fed funds futures traders are pricing in 87% odds of a cut at the conclusion of the Fed's December 9-10 meeting, up from 71% a week ago. After weeks of heavy jawboning, Fed officials will enter into a blackout period on Saturday ahead of the meeting. The dollar index , which measures the greenback's strength against a basket of six major peers, was last trading up 0.06% to 99.59, recovering some ground. But it remains on track for a 0.61% weekly loss, its largest since July 21. The euro fell 0.09% to $1.1585. The Japanese yen strengthened 0.03% against the greenback to 156.25 per dollar. Sterling fell 0.21% to $1.3211 though it was heading for its best weekly performance since early August, with a gain of 0.85%, after British finance minister Rachel Reeves revealed her long-awaited budget earlier this week. The Canadian dollar extended gains after data showed that Canada's economy grew at a much faster pace than expected in the third quarter as crude oil exports and government spending boosted economic activity. The loonie was last up 0.48% versus the greenback to C$1.396 per dollar. Brent crude oil futures were flat on Friday while U.S. crude futures ticked higher as drawn-out Russia-Ukraine peace talks kept geopolitical risks elevated and traders kept an eye on Sunday's OPEC+ meeting for clues about potential output changes. Front-month Brent crude futures for January , which expire on Friday, were down 6 cents, or 0.09%, at $63.28 a barrel at 10:11 a.m. EDT (1511 GMT). The more active February contract changed hands at $62.96, up 9 cents, or 0.14%.......
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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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