The rupee settled at 69.5875 against 69.05 at the previous close. The local unit moved in 69.21-69.66 per dollar band intra-day.
Dollar/rupee ended at over one-month high Friday on dampening risk-sentiments and likely overseas outflows from local stocks after US President Donald Trump threatened to put 10% tariff on the remaining $300 billion worth of Chinese goods, effective from Sep 1. Foreign banks were on the buy-side today mostly on behalf of overseas investors who pulled out of local equities. Sentiments weakened after Trump's threat to impose additional tariffs on China.
Global Currency
U.S. threat to impose new tariffs on Chinese imports pushed the safe-haven Japanese yen to a five-week high against the dollar and a two-and-a-half-year high against the pound. U.S. President Donald Trump said a 10% tariff would be imposed on $300 billion worth of Chinese goods on Sept. 1, after U.S. negotiators returned from trade talks in Shanghai and reported no progress. Trump claimed China had failed to live up to promises made in previous talks yen was up 0.4% to 106.95 against the dollar.
The impact on the euro and British pound was less severe, although reports that Trump may make an announcement on trade with the EU later Friday added to the general sense of unease.
Global Markets
Oil prices rose around 2% on Friday, regaining ground after their biggest falls in years on U.S. President Donald Trump's vow to impose more tariffs on Chinese imports.
Gold prices fell nearly 1% on Friday, as investors booked profit after U.S. President Donald Trump's fresh salvo in the year-long trade spat with China increased demand for the safe-haven metal in the previous session.
