The Indian rupee little changed at 70.17 pair now at 70.17 against
69.9950 previous close.
Pair to tip in 70.00-70.30 range today.
USD/INR opens higher after ECB downgrades growth outlook for
current year, souring demand for risk assets and Asian currencies.
ECB cuts growth forecast for current year to 1.1%, down from 1.7%
previously, extends rate hike outlook and announces new round of
long-term loans for bank. ECB now expects rates to remain at
current levels “through the end of 2019” compared to “through the
summer of 2019” previously. Rupee is currently being driven more
by flows than by global fundamentals.
The dollar index against a basket of six major currencies .DXY was a
shade lower at 97.548. The index soared 0.75 percent on Thursday to
brush a near three-month peak of 97.71 and was headed for a weekly
gain of 1.2 percent.
The euro wallowed close to a 21-month low against the dollar on
Friday, hurt by a series of dovish signals from the European Central
Bank, and the currency market braced for further volatility ahead of
U.S. jobs data later in the day. The euro's big hit on Thursday came as
the ECB pushed back the timing of its first post-crisis interest rate
hike to 2020, cut its economic forecasts and launched a new round of
cheap bank loans.
Oil prices fell on Friday after the European Central Bank (ECB)
warned economic weakness would continue and as U.S. crude
output and exports chase new records, undermining efforts by
producer club OPEC to tighten global markets.
Gold held steady on Friday as risk appetite faded after the European
Central Bank cut its growth forecasts and launched an emergency
round of policy stimulus.
Global Markets at one Glance
Key Events of the Day
Building Permits (Jan)
Nonfarm Payrolls (Feb)
Unemployment Rate (Feb)
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