The rupee settled at 70.1450 against 69.9950 at the previous close.
The local unit moved in 69.82 -70.2150 per dollar band intra-day.
The Indian rupee posted its biggest weekly rise in 11 weeks against
the dollar, helped by persistent foreign fund inflows into local assets.
We have seen some appreciation in the rupee on the fact that
inflows continued in the domestic markets, while near 3% decline in
crude oil prices this month further supported the gains. After some
more appreciation in the rupee, we expect the gains to be stalled at
around 69.50 levels on broad strength in dollar, which got a lift after
the European Central Bank cut its growth target and pushed the rate
hike to next year.
Global Currency
The dollar slipped to an eight-day low against the yen on Friday as
the region's equities slid on the back of risk aversion in the broader
markets. The greenback fell more than 0.5 percent to 111.015 yen
JPY= , its lowest since Feb. 28. The yen, a perceived safe haven, often
attracts demand in times of political tensions and market turmoil.
The euro and the Swedish crown languished near multi-year lows on
Friday, hurt by dovish signals from the European Central Bank as
traders braced for fresh volatility ahead of U.S. jobs data later in the
day. The euro was marginally higher on the day at $1.1209 after
tumbling 1% on Thursday to touch 1.1176,its lowest since June 2017.
Global Markets
Oil prices dropped close to 2 percent on Friday on a worsening global
economic outlook after the European Central Bank (ECB) warned of
continued weakness and fresh data showed Chinese imports and
exports slumped last month.
Gold rebounded on Friday as the dollar eased slightly and worries
about a sharp global economic slowdown after the European Central
Bank (ECB) slashed growth outlook were aggravated by weak
Chinese data, boosting demand for the safe-haven metal.
