USD/INR down on weak dlr; NDF down tracking spot

The rupee settled at 69.91 against 69.94 at the previous close. The local unit moved in 69.76 -70.0525 per dollar band intra-day.
Dollar/rupee closed flat Friday Evening tracking weak dollar. Rupee appreciated as dollar remained weak after lower than expected US Producer Price Index data. Non-deliverable forwards (NDF) traded down tracking the movement in spot. Dollar/rupee in the offshore market maturing in one month rose to a high of Rs 70.21/$1 intraday before easing to Rs 70.19/$1 by 1:30 PM compared to Rs 70.23/$1 at close of Indian market on Thursday.

The dollar is broadly lower in early trading in Europe on Friday as markets ‘sell the fact’ of higher U.S. tariffs on China, after ‘buying the rumor’ all week. Tariffs on $200 billion worth of Chinese imports into the U.S. will be raised to 25% from 10%, and President Donald Trump said he had ordered the preparation of new tariffs on a further $325 billion worth of goods. If they too come into force that will mean nearly all of the U.S. imports from China will be subject to a 25% .
Foreigners were net buyers of Asian equities for the fourth straight month in April, but analysts doubt such inflows could be sustained amid an escalating tariff war between the world's top two economies. Foreigners invested $2.2 billion and $1.8 billion in South Korean and Taiwanese markets respectively, last month.

Gold prices gained on Thursday as a spike in trade tensions between the United States and China renewed fears of a global economic slowdown and forced investors to seek lower-risk assets. U.S. gold futures GCv1 were also 0.3 percent higher, at $1,285.20 an ounce.
Oil prices steadied on Thursday as an escalating trade battle between the United States and China counteracted upward pressure from a surprise decline in U.S. crude inventories.

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