The rupee settled at 70.80 against 70.90 at the previous close. The
local unit moved in 70.4525‐70.8125 per dollar band intra-day.
The Indian rupee logged its biggest weekly fall in two months against
the dollar, on a broad selloff in regional and local equities, prompted
by increasing doubts over the likely success of U.S.-China trade
negotiations and caution ahead of a meeting between oil producing
cartel OPEC and its allies. However, decline in Brent crude oil prices
below $60 per barrel yesterday help the rupee trim some losses to
end higher against the dollar today.
The dollar nursed losses on Friday after sustaining a large overnight
drop as growing speculation that the U.S. central bank may be
readying to signal a pause in its three‐year rate hiking campaign was
offset by concerns that global growth is slowing. Expectations the
U.S. Federal Reserve was readying to pause rates was bolstered after
Fed Chairman Jerome Powell said last week that U.S. interest rates
were nearing neutral levels.
The single currency had gained 0.3 percent against the dollar during
the previous session while the yen rose about a quarter of a percent.
The dollar was steady against the euro EUR= at $1.1378. Against the
Japanese yen JPY=, it tacked on 0.1 percent to 112.79 yen.
Brent oil futures edged higher on Friday after Russia seemed likely to
contribute a bigger output cut to an OPEC and non‐OPEC deal, but
Saudi Arabia voiced pessimism on whether an agreement could be
reached as Iran insisted on an exemption.
Gold prices traded on Friday near a five‐month high hit the previous
session on expectations of a slowdown in U.S. rate hikes next year,
pushing bullion towards its biggest weekly gain since August.
Global Markets at one Glance
Markets at 5.00pm
Key Events of the Day
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