The rupee settled at 69.0150 against 69.06 at the previous close. The local unit moved in 68.88-69.1150 per dollar band intra-day.
USD/INR ends at 2-mo low on likely FPI inflows into local debt. Investors remain hopeful that there may be some positive news on the US-China trade front from the G20 meet. With the G-20 summit starting today in Osaka, Japan, world leaders come together to discuss major issues affecting global economy. Tensions over Iran and the long-running trade war between China and the US loom large over this meeting.
Global Currency
The dollar was quiet in a narrow range against most currencies in early trading in Europe Friday as markets await the outcome of the G20 meeting in Osaka, looking for signs of rapprochement between the U.S. and China. The key event will be a bilateral meeting between Saturday morning in Japan between the U.S. and Chinese presidents Donald Trump and Xi Jinping, which will give a degree of clarity over whether the trade dispute between the two will be ratcheted up or down over the rest of the year.
The yen was flat at 107.66 to the dollar, having lost over 4% since late April as the U.S.-China trade dispute has heated up. European Central Bank President Mario Draghi has said that further stimulus will be needed if the data fail to improve.
Global Markets
U.S. crude prices were little changed in early morning trade Friday as markets prepared to wrap up a solid month of gains ahead of key meetings that will likely determine the fate of the current rally in crude.
Gold prices rose on Friday in Asia prior to the highly anticipated trade talks between the U.S. and China on Saturday, with an outcome unpredictable to many.
