Indian Rupee Rises Tracking Weak Dollar, Equity Gains

The Indian rupee little changed at 70.05 pair now at 69.9825 against 70.35 previous close.
Pair to tip in 69.70- 70.20 range today.
The Indian rupee rose against the dollar in early trade, in‐line with most Asian currencies, tracking a broad weakness in the dollar. Gains in local and regional shares also lifted sentiments. The rebound in Wall Street yesterday lifted the appetite for regional shares, while Brent coming off its recent high is also favoring the rupee. Monthend dollar demand from importers continues to limit further gains.

The U.S. dollar fell against the Japanese yen on Wednesday, giving up most of the gains logged in the previous session, as worries about widening cracks in global stock markets prompted investors to load up on perceived safe-haven assets. The dollar advanced against commodity‐linked currencies as oil prices fell toward 18‐month lows on oversupply. Stocks jumped sharply on Wednesday, sentiment was decidedly more cautious on Thursday.
The euro gained 0.2%, fetching $1.1452. But the single currency has struggled this year due to weak euro zone data, low inflation and political risks. That has led to the European Central Bank maintaining ultra‐low interest rates. The euro is on track for loss of 4.5% vs USD.

Oil prices jumped as much as 3 percent on Friday to win back a chunk of the ground they lost in the previous session, but growth in U.S. crude stockpiles and ongoing concerns about the global economy kept markets under pressure.
Gold inched higher on Friday to trade below a more than six‐month high hit earlier this week, as concerns about slowing global economic growth and a partial government shutdown in the United States stoked safe‐haven demand, although gains in equities capped the upside.

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