The Rupee opened slightly stronger on Tuesday, boosted by the dip in oil prices after U.S. President Donald Trump ?hinted at talks about a resolution with Iran, although Tehran’s ?denial of any talks kept uncertainty high. Iran's denial of talks with ?the U.S., coupled with a Wall Street Journal report that Saudi Arabia and ?the UAE are inching towards joining the fight against Tehran dented the positive sentiment triggered ?by ?Trump’s remarks. The 1-month USD/INR had dropped to a low of 93.35 ?immediately after Trump's remarks, ?which would have ?meant that the rupee would have risen past the 93 handle. However, with oil prices marching higher, the 93 ?level looks "out of the question", a currency trader at a ?Mumbai-based bank ?said. The dollar nursed steep losses against major ?currencies on Tuesday in a wild start to the week after U.S. President Donald Trump delayed the bombing of Iran's power grid, a move that allayed fear of a prolonged war in the Middle East. The contrasting comments left markets ?on edge after a risk-on rally immediately after Trump's post in which he postponed ?the bombing for five days. Still, markets were mindful of the war all but halting shipments of ?about one-fifth of the world's oil and liquefied natural gas through the Strait of Hormuz. Sterling eased 0.5% to $1.33925 ?after jumping nearly 1% on Monday, while the euro was down 0.2% at $1.1593 after gaining 0.4% in the previous trading session. The dollar index , which measures the U.S. currency against a basket of peers, rose nearly 0.2% to 99.35 after dipping to near ?a two-week low on Monday. The Australian dollar fell 0.2% to $0.6993 in early trade, pulling back from a six-week high. The New Zealand dollar was down 0.23% at $0.5845 . Oil prices edged higher after ?plunging more than 10% on ?Monday, with Brent crude ?futures retopping $100.94 a barrel as supply fear keeps sentiment cautious. The yen was steady at 158.61 ?a ?dollar after Japan's core consumer inflation rate hit 1.6% in February. That ?was below the Bank of Japan's 2% target for the first time in nearly four years, complicating the bank's efforts to justify further ?interest rate hikes. Sterling was last up 1% against the dollar at $1.348, after earlier falling more than 0.5% as investors flocked to the dollar. Gold prices fell more than 1% on Tuesday, extending their slide to ?a tenth straight session, pressured by a firm U.S. dollar and fading hopes for near-term Federal Reserve interest rate cuts. Spot gold fell 1.6% to $4,335.18 per ounce, as of 0227 GMT. The metal fell ?to its lowest level since November 24 on Monday. Oil prices rose in early trade on Tuesday on ?supply fears, as Iran denied it had held talks with the United States to end the war in ?the Gulf, contradicting President Donald Trump, who said a deal could be reached soon. Brent futures rose $1.06, or 1.1%, to $101 a barrel at 0001 GMT, while U.S. West Texas Intermediate (WTI) climbed $1.58, or 1.8%, to $89.71.......
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.......