The rupee settled at 69.94 against 70.35 at the previous close. The
local unit moved in 69.90‐70.1175 per dollar band intra-day.
The Indian rupee rose for a second straight week against the dollar in
a holiday‐truncated week, tracking strength in regional and local
shares amid volatile crude oil prices. Recovery led by Wall Street
helped global risk‐on rally, supporting the rupee. However, demand
for the dollar/rupee pair erupted below 70 levels by state‐run
lenders, The US shutdown has been the main event being watched
by the world. Trader will focus on trade talk between U.S. and China,
Global Currency
The yen and the Swiss franc rose on Friday, as investors sought
shelter in safe‐haven assets due to renewed U.S.‐China trade
tensions and weaker‐than‐expected data in those two economies
that revived global growth fears.
The dollar index a gauge of its value versus six major peers, fell by
around 0.15 percent to 96.34, after losing 0.5 percent overnight.
Data also showed consumer confidence at its weakest in more than
three years in the United States, as well as an unexpected drop in
industrial profits in China, a stark reminder for investors of the
deteriorating global growth outlook.
Global Markets
Oil prices rebounded on Friday, clawing back some of the ground lost
this week, but remained close to their lowest levels in more than a
year as rising U.S. inventories and concern over global economic
growth kept markets under pressure. U.S. light crude CLc1 was up
1.20, or 2.7 percent, at $45.81, after rising 3.6 percent in early trade.
Gold held steady in thin trade after scaling a six‐month peak on
Friday, supported by a softer dollar, worries over global economic
growth and tumultuous stock markets, propelling bullion to a second
week of gains. Spot gold XAU= rose 0.2 percent to $1,277.23 per
ounce as of 1025 GMT, and was up 1.7 percent so far this week.
