USD/INR closed at 71.24 against its opening at 71.05. USD/INR ends with 1 month high,USD extended gain Wednesday on buying by oil importers amid strong trading in greenback. Nationalised banks bought dollars likely on behalf of oil importers and foreign banks were also on buy-side tracking the strong dollar. PSBs and foreign banks were all on buy-side. Oil buying and dollar is also strong after Brexit vote.
USD/INR non-deliverable forward maturing in one month traded at Rs 71.43 during European trade compared to Rs 71.31 at the beginning of Indian market Wednesday and Rs 71.34 at close Indian markets on Tuesday.
The greenback surged against its major peers on uncertainty after the British Parliament's historic rejection of UK PM May's Brexit deal. The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 96.12 during late Asian trades Tuesday compared to 95.83 at previous close.
On Tuesday, British lawmakers rejected UK Prime Minister Theresa May's divorce deal with the European Union and triggering a no-confidence vote that could topple May's government.
Crude oil prices rose backed by supply cuts led by producer club OPEC and Russia amid optimism around the news that China might roll out further fiscal stimulus measures.Brent crude oil futures for March delivery traded 0.02% up at $60.65 a barrel on Wednesday.
Sensex, Nifty end flat.