The rupee settled at 71.8450 against 72.1850 at the previous close. The local unit moved in 71.52-71.9950 per dollar band intra-day.
The Indian rupee posted a third consecutive weekly decline during which it plunged to a record low against the dollar, tracking a rally in crude oil prices beyond the key $80-per-barrel mark. For the day, the rupee witnessed some relief on the news that the PM may intervene and look at measures to stem weakness in rupee. Domestic inflation data came lower, while U.S. inflation numbers were disappointing.
The U.S. dollar fell against other currencies on Friday after weaker than expected inflation data as investors worried that the Federal Reserve could slow down rate hikes. The U.S. dollar index, which measures the dollar strength against a basket of six major currencies, fell 0.06% to 94.47.
The euro rose above $1.17 to a two-week high on Friday after weaker-than-expected U.S. inflation data continued to weigh on the dollar and a broader recovery in investment sentiment supported the single currency.
The Turkish central bank's decision on Thursday to hike interest rates sparked a recovery across emerging market assets while hopes of a new round of trade talks to reduce tensions between United States and China buoyed broader market sentiment further on Friday.
Oil rose on Friday, clawing back some territory after prices fell by the most in a month in the previous session, as the focus returned to supply concerns ahead of a November deadline for U.S. sanctions on Iranian crude.
Gold edged higher on Friday, lifted by a weaker dollar, but gains were tempered by expectations of a U.S. rate hike later this month. Spot gold XAU= was up 0.4 percent at $1,206.01 an ounce by 1000 GMT, having hit its highest since Aug. 28 at $1,212.65 on Thursday. It has risen 0.9 percent so far this week.
Global Markets at one Glance
Markets at 5.00pm
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