Rupee further recovered and closed at 44.1 6as banks cut their long dollar positions noting persistent dollar sales from state-run banks.However, strong dollar buying by importers around 44.00-44.05 is likely to stall rupee's recovery.US markets will be closed today on account of the 'Labor Day' public holiday.EURUSD pulled back to hold near 1.4640 as crude oil prices slipped below $117 a barrel helping to strengthen the US dollar. On the economic docket retail sales data for Germany triggered mixed sentiment as the monthly reading crossed the wired much weaker than forecasts, while the yearly figure was unchanged from last year’s reading.Sterling dropped to its lowest level against the dollar after the UK's finance minister issued a pessimistic view of the economy and on disappointing economic reports released from UK.Mortgage approvals were downwardly revised .House prices also dropped to 0.9 percent. Yen spiked higher against its major counterparts as a drop in stock prices prompted investors to reduce holdings of higher-yielding assets funded in Japan.
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