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The Rupee closed weaker slipped to record lows on Tuesday as the government raising tax rates for capital gains from equity investments and on equity derivative trades hurt market sentiment. Likely intervention from the Reserve Bank of India helped cap the currency's decline. The central bank likely sold dollars near 83.70-83.72 levels via state-run banks. India's budget for fiscal year 2024-25 struck a balance between higher spending on jobs and rural development while lowering the fiscal deficit target. The government lowered its fiscal deficit target to 4.9% of gross domestic product, below the 5.1% aim in February's interim budget. It also reduced its gross market borrowing marginally to 14.01 trillion rupees. Most Asian currencies nudged higher on Tuesday and the dollar index was up slightly at 104.3. The yen rose for a second straight session against the dollar on Tuesday, boosted by comments from a senior Japanese politician about normalising monetary policy, adding pressure on the Bank of Japan to continue hiking interest rates to boost the currency. The U.S. dollar overall was higher as traders waited for inflation data later in the week, while the Australian and New Zealand dollars continued to struggle after China's surprise interest rate cuts. The Aussie dollar is viewed as a proxy for China risks. The U.S. dollar was last down 0.6% against the Japanese yen at 156.08. It earlier fell to a five-week low of 155.375 on Thursday. Most economists polled by Reuters expect the BOJ to keep rates on hold at the meeting. It last raised rates in March to a range of 0%-0.1% from -0.1%. In late morning trading, the dollar index , which tracks the U.S. currency against six peers, rose 0.2% to 104.51, after falling to a four-month low of 103.64 last week. The dollar reacted little to data showing U.S. existing home sales fell more than expected in June as the median house price set another record high. Home sales dropped 5.4% last month to a seasonally adjusted annual rate of 3.89 million units, the lowest level since December, data showed. Oil prices fell about 2% to a six-week low on Tuesday on rising expectations of a ceasefire in Gaza and growing demand concerns in China. Brent futures fell $1.38, or 1.7%, to $81.02 a barrel by 12:13 p.m. EST (1613 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.49, or 1.9%, to $76.91.......
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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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