The Rupee opened stronger on Friday, buoyed by a retreat in crude prices after U.S. President ?Donald Trump signalled that a deal with Iran is imminent, a ?development that could soften a persistent pressure point for the currency. Brent crude fell to $88.80, its lowest in ?two months, after Trump said a peace deal with Iran ?could be signed as soon as this weekend, just hours after threatening ?further strikes. Trump said talks with Tehran had reached the highest levels of Iran's ?leadership and had the backing of a broad coalition of regional powers. A ?deal would be ?a major reprieve for the rupee, which has been weighed down for months by high oil prices. The Reserve Bank ?of India has responded with a string of steps ?to attract ?dollar inflows and support the currency. While those measures provided relief, the currency's drop on Thursday below levels seen before the RBI actions highlighted the continued ?pressure. The dollar found its footing in early trading on Friday, after sliding to its weakest in a week as traders parsed reports that a ceasefire deal in the Middle ?East could be imminent. Against the yen , the U.S. currency was up 0.1% at 160.07 yen. The ?Australian dollar was down 0.1% at $0.7045, while its kiwi counterpart was down 0.1% at $0.5830. The euro last bought $1.1576, holding near its strongest in a week after the European Central Bank's first interest rate hike in three years on Thursday. The British pound was flat ?at $1.3414. Brent crude tumbled 1.6% to $88.94 a barrel as trading resumed in Asia, after ?President Donald Trump said on Thursday the United States and Iran could sign a peace deal as soon as this weekend that would reopen the Strait of Hormuz to shipping. Iran countered that it had not reached a final decision on an agreement. Oil prices fell on Friday, extending losses from the ?previous session after U.S. President Donald Trump canceled ?plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week. Brent futures fell $1.21 or ?1.3% to $89.17 a barrel at 0042 GMT, while ?U.S. West Texas Intermediate (WTI) crude was $1.23, or 1.4%, ?lower at $86.48. On a weekly basis, Brent was 4.2% ?lower, while WTI was down 4.4%.......
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.......