India Rupee Logs Worst Week In 14 On Oil Jump, Strong Dollar

The rupee settled at 70.01 against 70.25 at the previous close. The local unit moved in 69.97 -70.22 per dollar band intra-day.
The Indian rupee posted its biggest weekly fall in 14 weeks against the dollar, as a jump in crude oil prices and greenback strength kept investors wary of local assets. The movement in crude oil prices had an impact on most emerging market currencies, with the major impact being on the Indian market, while the flows too slowed for the week amid ongoing elections. The rise in the dollar index on back of strong data and weakness in euro further weighed on the rupee. Rupee is expected to appreciate only if oil prices ease further.

The dollar was consolidating near its highs for 2019 in early trading on Friday, showing little sign of weakening after a week of data and central bank actions that have underlined the relative strength of the U.S. economy, at least for the present. Trading is likely to stay relatively modest ahead of the big release of the day.
The euro hovered near its weakest level since May 2017 on Friday as traders waited to see whether United States GDP numbers due out later will reinforce signs of economic strength and send the dollar surging even higher. After a small rise in volatility this week - albeit from multi-year lows - currency markets turned calm on Friday, with most major pairs stuck in tight trading ranges.

Gold rose on Friday, pulling further away from the four-month low it hit earlier this week as the U.S. dollar and Treasury yields dipped ahead of U.S. growth data, putting bullion on track for its first weekly gain in five.
Oil prices fell on Friday as the market retreated slightly from its strongest bull run in at least a year amid efforts to resume Russian oil flows that were interrupted by contamination.

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