India Rupee Logs Best Week In 11 On Foreign Fund Inflows

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.

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.

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.

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