The Indian rupee little changed at 71.38 pair now at 71.32 against
71.45 previous close.
Pair to tip in 71.15-71.60 range today.
The Indian rupee rose against the dollar in early trade, tracking a
drop in Brent crude prices, even as sentiments remain subdued on
renewed worries over U.S.-China trade relations. Lower crude oil
prices lifted the rupee, However, weak sentiments in the global
markets as U.S.-China trade worries are back in focus may keep the
gains limited.
Global Currency
The dollar held near a two-week high on Friday, as demand for safehaven
assets rose on uncertainties about the path of U.S.-China
trade negotiations and broader worries about slowing global growth.
Such concerns were brought to the fore on Thursday after the
European Commission sharply cut its forecasts for euro zone
economic growth this year and next on expectations the bloc's
largest countries will be held back by global trade tensions and
domestic challenges.
The euro EUR was marginally lower at $1.1338, on track to post its
fifth straight day of losses. The single currency has been stumbling
due to weaker-than-expected growth data out of the euro zone and
expectations that the European Central Bank will keep monetary
policy accommodative this year.
Global Markets
Oil markets fell on Friday, pulled down by an economic slowdown,
although supply cuts led by producer club OPEC and U.S. sanctions
against Venezuela provided crude with some support.
Gold held steady on Friday on worries that a protracted Sino-U.S.
trade war could worsen global economic slowdown, but a strong
dollar put bullion on track for its first weekly loss in three. Spot gold
was steady at $1,309.6 per ounce.
