The rupee settled at 71.92 against 71.98 at the previous close. The local unit moved in 71.71-71.99 per dollar band intra-day.
The Indian rupee registered a weekly gain against the dollar and rose for a fourth session to a fresh two-month high, as slump in crude oil prices eased worries over widening current account deficit and boosted dollar inflows by foreign portfolio investors. This week, the rupee rose 0.8%. Most Asian currencies also gained against the dollar today.
Global Currency
The dollar was lower against the safe-heaven Japanese yen, with USD/JPY falling 0.30% to 113.30. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion. Tariffs on $200 billion of Chinese goods is set to increase to 25% from 10% on Jan.
The British pound clawed back losses on Friday as Prime Minister Theresa May clung to her Brexit plan after the resignation of key ministers threw the divorce deal into doubt. The euro EUR=EBS rose 0.2 percent to trade at $1.1356. Investors were hopeful after reports out of Italy said that Italian Prime Minister Giuseppe Conte was looking to work with the EU over his government's 2019 budget.
Global Markets
Oil rose on Friday on hopes that supply cuts will be agreed at OPEC's meeting on Dec. 6, but failed to recoup recent losses on oversupply concerns that have shaved more than a fifth off the Brent crude benchmark since early October.
Gold prices rose on Friday, having hit a one-week high earlier in the session, as investors sought safe-haven assets amid fears of a chaotic departure for Britain from the European Union.
