USD/INR opens up tracking growing Sino-US trade war fear, strong dlr

The Indian rupee little changed at 71.36 pair now at 71.30 against 71.27 previous close.
Pair to tip in 71.20-71.50 range today.
Dollar/rupee opened higher Friday tracking weakening risk appetite on growing Sino-US trade war concerns amid a strong greenback after upbeat US retail sales data. Trade war fear and a strong dollar aided the spot pair. Few foreign banks are buying. On Thursday, China vowed to counter the latest US tariffs on $300 billion of Chinese goods, but US President Donald Trump said any pact would have to be on US's terms, suggesting a resolution to the trade war remains elusive.

The dollar held onto gains on Friday after a surge in U.S. retail sales eased concerns about the world's top economy, but traders cautioned against reading too much into one piece of data given the growing risks to the outlook. The greenback was on course for a weekly gain against safe-haven currencies such as the Japanese yen and the Swiss franc, pointing to some respite for frayed nerves after fears of recession & protests in Hong Kong rattled financial markets.
Sterling was marginally higher, on course for its first weekly gain since mid-July, as positive data on retail sales and consumer pries showed the British economy is in better shape than some investors had feared.

Gold prices gained on Friday as the steep fall in U.S. bond yields continued, while conflicting signals on the Sino-U.S. trade war added to economic uncertainty.
Oil prices gained on Friday in Asia as recession fears eased somewhat following the release of better-than-expected U.S. retail sales figures. U.S. retail sales rose 0.7% in July from a month earlier, data showed. Markets previously expected a rise of 0.3%.

Research