The rupee settled at 71.8950 against 72.68 at the previous close. The
local unit moved in 71.6950‐72.05 per dollar band intra‐day.
The Indian rupee fell for a second straight week against the dollar, as
a surprise resignation by the nation’s central bank governor and
setback for the ruling party in some key state elections weighed on
investor sentiment. There was a knee-jerk reaction after abrupt
resignation of the country’s central bank governor, which spooked
the market as it added on to the uncertainty which persisted in runup
to the state election results.
Global Currency
The U.S. dollar was higher on Friday, as investors turned their focus
to the expected Federal Reserve rate increase next week, even as
uncertainty over next year’s hikes kept gains in check. The Fed meets
for two days next week and is expected to increase rates, with a
79.2% chance priced in,
The euro fell on Friday as the euro zone economy showed more signs
it's beginning to sputter, while the dollar made some headway as
investors turned nervous about a slowdown in China. The euro
simply lacks domestic catalysts for a more meaningful rally.
Global Markets
Oil prices slipped on Friday after China reported slower economic
growth, pointing to lower fuel demand in the world's biggest oil
importer, although market sentiment was supported by supply cuts
agreed last week by major crude producers.
Gold eased for the second straight session to hit a one‐week low on
Friday as the dollar rose, putting the metal on track to post its
biggest weekly fall in five ahead of the U.S. Federal Reserve's interest
rate decision next week. U.S. gold futures GCv1 were down 0.4
percent at $1,242.80 per ounce.
