The Indian rupee little changed at 68.75 pair now at 68.78 against 68.9550 previous close.
Pair to tip in 68.70-68.90 range today.
Dollar/rupee opened down Friday as bets on a likely Fed rate cut later this month hardened following dovish comments from New York Fed President John Williams, while the drop in crude oil prices in overnight trades further aided the fall. After dovish comments from Fed member, dollar turned weak. Crude fell sharply in overnight trades. The greenback tumbled against its major counterparts following comments from New York Fed President John Williams supporting a rate cut strongly. Fed William's dovish comments stand as a strong argument in favour of quick action.
Global Currency
The dollar was on the defensive on Friday after Federal Reserve officials bolstered expectations of an aggressive rate cut this month to address weakening price pressures. The dollar fell broadly on Thursday after Williams' remarks bolstered bets that the Fed would cut interest rates by 50 basis points, rather than 25 basis points.
Williams "is sounding very dovish. The dollar has been taking cues from the interest rates market. U.S. rates futures implied traders fully expect the Fed to lower rates in two weeks. They now see a 71% chance of a 50 basis point rate cut. more than double the level implied late on Wednesday, CME Group's FedWatch tool showed.
Global Markets
Gold prices rose to their highest in more than six years on Friday, supported by fresh tensions in the Middle East and comments from a top Federal Reserve official that cemented expectations of an interest rate cut.
Oil prices climbed around 2% on Friday after the U.S. Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, again raising tensions in the Middle East.
