CURRENCY OVERVIEW
The Indian rupee builds on its recovery at Tuesday's open after the Reserve Bank of India announced more measures to alleviate pressure on the currency. The rupee's biggest single-advance in six months came after the RBI unveiled a series of measures to curb dollar demand. The central bank reinforced that with direct market intervention, selling dollars to support the currency, according to traders.The RBI has since taken further steps, widening the scope of a recently introduced cash deposit requirement for foreign-exchange hedges to cover all such transactions, including those used to hedge banks' own assets and liabilities. derivatives to clients. Lenders with units in India’s International Financial Services Centre and certain primary dealers, which were allowed to offer non-deliverable rupee derivatives to non-residents for any purpose, can now offer them only for hedging, the RBI said. The dollar retreated in Asian trade on Tuesday after a holiday in some US markets, while bond yields and oil prices eased, accompanied by a slide in global stocks. The US dollar index of the greenback's strength against a basket of six currencies, slid 0.2% to 102.39, stumbling as it approached its highest since April last year. The reversal in energy costs and climbing US Treasury bond yields undermined some of the dollar's recent strength against major peers, with no sign of a safe-haven dash for the greenback as equity markets sold off. Brent crude futures fell 1.4% to $105.20 as traders weighed the prospect of more diesel supplies from Russia, amid an elusive ”energy truce” between Moscow and Kyiv declared by US President Donald Trump. Along the same vein, Oil prices fell on Tuesday and were on track for their first decline in nearly a week, as traders assessed supply risks from attacks on Saudi Arabia while weighing the prospect of additional diesel supplies from Russia. Brent crude futures fell $1.30, or 1.2%, to $105.35 a barrel by 0329 GMT, while US West Texas Intermediate crude futures were down $1.25, or 1.3%, at $92.49 a barrel. The euro appreciated 0.2% to $1.1177 on Tuesday, while the British pound was up 0.1% at $1.3219. The yen strengthened 0.2% to 158.215 yen against the dollar after Bank of Japan data showed wholesale prices rose 6.8% in the year to September, missing a median market forecast of 7.6% but still enough to justify market fears of higher interest rates.Gold ticked up on Tuesday as oil prices slipped, while markets focused on the upcoming US inflation data for fresh signals on the Federal Reserve's interest-rate trajectory.Spot gold was up 0.4% to $4,185.69 per ounce by 0356 GMT after hitting a one-week peak on Monday. US gold futures for December delivery rose 0.5% at $4,209.90. Among other metals, spot silver gained 0.2% to $60.42, platinum added 0.7% to $1,697.40, and palladium firmed 0.1% to $1,144.30.