The Indian rupee little changed at 71.34 pair now at 71.3050 against
70.80 previous close.
Pair to tip in 71.10- 71.55 range today.
The Indian rupee fell to a three‐week low against the dollar in early
trade, weighed by mixed cues from exit polls that suggested a close
contest between the ruling and main opposition party in state
elections amid a jump in crude oil. Widening of India’s current
account deficit to a five‐year high and another U.S. equity‐led selloff
further added pressure on the local unit. The gap‐down opening in
the rupee was the outcome of negative news at home and globally.
As the exit poll results were not so encouraging, traders will focus on
the actual outcome due tomorrow.
Global Currency
The dollar struggled to recover in Asian trade on Friday, hobbled by
fresh speculation that a widely expected rate hike later this month
could be the last before Federal Reserve hits the pause button on its
tightening cycle.
On Friday, the dollar was steady against the euro at $1.1378. Against
the Japanese yen, it tacked on 0.1 percent to 112.79 yen. The single
currency had gained 0.3 percent against the dollar during the
previous session while the yen rose about a quarter of a percent.
Global Markets
Oil prices fell on Friday, pulled down by OPEC's decision to delay a
final decision on output cuts, awaiting support from non‐OPEC
heavyweight Russia. Oil producers have been hit by a 30-percent
plunge in crude prices since October as supply surges just as the
demand outlook weakens amid a global economic slowdown.
Gold prices edged higher on Friday and were on track for their best
week in 15, as the dollar weakened on renewed speculation of an
imminent pause in the U.S. Federal Reserve's tightening cycle.
