The Indian rupee little changed at 70.55 pair now at 70.98 against
70.90 previous close.
Pair to tip in 70.30‐ 71.70 range today.
The Indian rupee gained against the U.S. dollar in early trade, after
the Brent crude oil price dropped back below $60/barrel ahead of
the output cut decision by oil exporting group OPEC and allies.
“Dollar will not be much in favor today in wake of the slide in oil and
the positive risk cues. Brent crude was down 0.5% at 59.74 per barrel
in Asia trading today, adding to its 2.5% decline in the previous
session amid reported comments by the Saudi Arabia energy
minister that he is backing a cut of one millions barrels per day,
which is at the lower end of the forecasts of analysts.
The dollar struggled to recover in Asian trade on Friday, hobbled by
fresh speculation that a widely expected rate hike later this month
could be the last before Federal Reserve hits the pause button on its
On Friday, the dollar was steady against the euro at $1.1378. Against
the Japanese yen, it tacked on 0.1 percent to 112.79 yen. 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.
Oil prices fell on Friday, pulled down by OPEC's decision to delay a
final decision on output cuts, awaiting support from non‐OPEC
heavyweight Russia. Oil producers have been hit by a 30‐percent
plunge in crude prices since October as supply surges just as the
demand outlook weakens amid a global economic slowdown.
Gold prices edged higher on Friday and were on track for their best
week in 15, as the dollar weakened on renewed speculation of an
imminent pause in the U.S. Federal Reserve's tightening cycle.
Global Markets at one Glance
Key Events of the Day
Nonfarm Payrolls (Nov)
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