The rupee ends at a peak of a week as the US dollar gets closer, eyes riveted on the RBI's policy

The rupee rebounded smartly to end at a new high of one week from 68.65 against the US dollar on sales of dollars by exporters and businesses, although stocks continued their rise bullish. Reversing its brief fall, the local currency regained 19 pounds during the week. The domestic unit has oscillated between a high of 68.53 and a low of 69.08

A significant upside break in the domestic stock markets coupled with positive trade-related headlines has provided a boost additional and has largely weighed on the commercial front. The sentiment sparked renewed enthusiasm as currency traders comforted themselves after US President Donald Trump obtained concessions from the European Union to avoid a transatlantic trade war

. The upward trend has also been supported by the resolution of long positions by speculators and local banks

However, the gains of the greenback against some overseas currencies and dollar purchases by importers, mainly oil. refiners to meet their end-of-month requirements kept rupee under little pressure and capped the rise The Indian currency had plunged to its lowest standard of living of $ 69.13 a week last week.

Earlier this week, the rupee rallied higher than last week. at 68.70 from the 68.84 finished weekend on the interbank foreign exchange market (forex).

However, he finally lost ground and broke the 69 mark to reach a lows of 69.08 in the midst of good demand before taking off after hitting a high of 68.53 towards the Tail trade, the local unit finally settled at 68.65, revealing a gain of 19 paise, or 0.28%.

The rupee had depreciated 31 last

The RBI, meanwhile, set the benchmark rate for the dollar at 68.7041 and for the euro at 79.9821.

The 10-year benchmark yield changed little at 7.78 percent.

China's trade tension has entered a new phase in the midst of Yuan's depreciation as China has announced a Meanwhile, the country's foreign exchange reserves have increased by 67.7 million USD to 405,143 billion USD for the week ending July 20, according to data from the RBI

. This last month of trading comes after foreign portfolio investors (REITs) withdrew more than 61 trillion rupees from the financial markets over the last three months (from April to June).

On the energy front, crude prices fell slightly under the effect of a decline in the US stock market despite strong macroeconomic data, but Brent again recorded a weekly rise supported by the easing of trade tensions and a temporary shutdown by Saudi Arabia

Brent crude futures contracts fell 25 cents to settle at 74.29 dollars on barrel, but recorded a weekly increase of 1.8%, their first increase in four weeks.

Overall, the US Dollar Slid On Friday, data showing that the US economy grew at its fastest pace in nearly four years did not erase fears of commercial frictions in the second half of 2018.

Gross domestic product recorded a 4.1% growth rate in the second quarter underlines the need for the Federal Reserve to gradually increase interest rates

L & # The dollar index, which measures the value of the greenback versus a basket of six major currencies, ended at 94.47. Moreover, the euro has stabilized after its biggest one-day loss in a month following the ECB's decision to keep rates unchanged and reiterating its plan to slowly end its stance. accommodative monetary policy.