The rupee settled at 69.2150 against 69.36 at the previous close. The local unit moved in 69.20 -69.4150 per dollar band intra-day.
Dollar/rupee in both onshore and offshore markets traded down Friday afternoon on likely FII inflows into the local stocks amid lower Brent oil prices. Inflows were expected on account of Airtel rights issue too. One-month dollar non-deliverable forwards traded at Rs 69.56/$1, down from Rs 69.77/$1 at the start of Indian market and compared to 69.70/$1 at Thursday's spot closing time. The spot pair traded at Rs 69.21/$1 compared to its open of Rs 69.39/$1 and previous close of Rs 69.36/$1.
The dollar was trying to end the week with a firmer tone on Friday as markets scaled back bets on a U.S. rate cut and some speculated that looming jobs data could surprise on the high side. The dollar has edged higher since Fed Chair Jerome Powell played down the recent slowing in inflation and saw no reason to cut interest rates
The euro petered out on Friday with political uncertainty and the threat of economic decline in Europe pulling the currency down against the dollar. Euro zone manufacturing surveys released on Thursday showed further contraction in April. The threat of U.S. tariffs on European automobiles and upcoming European elections have also weighed on the currency.
Gold was steady on Friday as the market awaited U.S. non-farm payrolls data, but the metal was headed for its biggest weekly decline since the end of March as the dollar gained after the U.S. central bank doused expectations of a near-term rate cut.
Oil prices were on track for sharp weekly declines on Friday as surging U.S. output countered production losses in sanctions-hit Iran and Venezuela. Brent crude oil futures were at $70.47 a barrel.
Global Markets at one Glance
Markets at 5.00pm
Key Events of the Day
Services PMI (Apr)
CPI (YoY) (Apr))
Share this post?
Download RouteForex Mobile App
And Track Your Entire Portfolio
Request a Call Back
Your submission is received and our Expert will contact you soon