The Indian rupee ended modestly higher on Wednesday, aided by a weaker dollar and lower oil prices as investors assessed the impact of US midterm election results, while a poll showed expectations for depreciation of South Asian unit remained intact. The rupee closed at 94.64 per dollar, up slightly from its close at 94.74 in the previous session. The dollar dropped on Wednesday and was on pace for its biggest daily percentage decline in three weeks after a sweeping victory by Democrats in the US midterm elections, removing an uncertainty for the market as investors gauged potential regulatory changes. Democrats captured majorities in both the Senate and House on Wednesday. The dollar index , which measures the greenback against a basket of six major peers, was down 0.4% at 101.3 with currencies like the euro, sterling and Swiss franc leading gains. The rupee also touched a two-week high in early trading before trimming gains as importer and interbank dollar bids gathered steam around the 94.50 mark. Markets showed little reaction to a flurry of US economic data. he British pound rose to its highest level since September 15 on Wednesday, buoyed by a weaker US dollar following the Democrats' sweeping victory in the midterms, while traders awaited the Bank of England's policy decision on Thursday. Sterling rose 0.63% against the dollar to $1.3495 at 10:22 GMT and was at 83.43 pence per euro, a touch firmer on the day. The pound has been in sharper focus since British finance minister John Healey's budget, which laid out cautious tax and spending plans aimed at supporting households battered by "global economic storms." It has also drawn support from expectations of interest rate hikes by the Bank of England. Traders are pricing in a rate increase on Thursday. The dollar index , which measures the greenback against a basket of currencies, fell ?0.32% ?to 101.51, on track for its biggest drop since October 15, with the euro up 0.38% at $1.1236 after climbing to $1.272, its highest since October 6. Against the Japanese yen , the dollar weakened 0.03% to 158.6. Oil prices fell 9% on Wednesday in volatile trading as investors awaited Washington's next move in the US-Israeli war with Iran after President Donald Trump's Republican Party lost control of Congress in midterm elections. Brent futures dropped $9.27, or 8.9%, to $94.29 a barrel, touching the lowest level since September 4, at 11:58 a.m. ET (1658 GMT). US West Texas Intermediate crude futures were down $7.44, or 7.8%, to $88.54. Brent settled in the previous session at its lowest level in nearly four weeks as traders weighed talks to end wars in Ukraine and Iran. Trump acknowledged that the Iran war had played a role in his party's sweeping defeat in the midterm elections, as Democrats won control of the House of Representatives and the Senate. Trump told the Financial Times on Tuesday that the United States had no immediate plans to strike Iran. Gold surged about 3% on Wednesday, on track for its biggest daily gain since mid-August as the dollar tumbled after Democrats swept the US midterm elections, while investors looked to this week's US nonfarm payrolls report for clues on the interest rate outlook. Spot gold was up 2.9% to $4,040.15 per ounce by 10:45 a.m. EST (1545 GMT), while US gold futures for December delivery rose 2.8% to $4,049.00. Spot gold reclaimed the $4,000-an-ounce level after falling to $3,869.85 on October 30, the lowest level since October 2025. The weaker dollar boosted gold's appeal by making dollar-priced bullion less expensive for overseas buyers. Gold drew support from a weaker dollar, reflecting the view that a US Congress that is likely to be deadlocked on much legislation would probably be somewhat negative for the US economy, which could allow the Federal Reserve to lean into easier monetary policy. Among other metals, spot silver gained 4.2% to $51.88, platinum rose 4.2% to $1,475.98, and palladium climbed 7.1% to $999.50. www.eforexindia.com......