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The rupee recovered slightly after closing at a record low, ending at 8.87 against the US dollar, recording largely gains in major Asian units against a backdrop of weakness in the dollar. abroad
. a healthy weekend race.
The results of the FOMC's latest minutes and the publication of US non-manufacturing ISM PMIs better than expected have had little influence on the national currency, even though investors have been preparing for a potential rise in rates of interest. 39, short-term interest. However, the rupee briefly slipped below 69 levels in mid-morning deals, but managed to recover losses on the apparent intervention of the Reserve Bank, coupled with the sale of greenbacks by exporters . Fears of a slowdown in the country's economy in the midst of soaring international prices for crude oil and worsening current account deficits have, however, kept the currency market nervous.
In the meantime, the latest minutes of the June FOMC meeting showed that policymakers remain cautious about intensifying trade disputes, but that they are still on the right track. a gradual monetary policy.
The disturbing development of escalating trade disputes between the world's two largest economic powers with the latest salvo of the US president has been weighed heavily on the currency and global financial markets with investors waiting for the next developments. The Chinese government immediately responded to US President Donald Trump's US $ 34 billion tariff package with a set of simultaneous countermeasures and accused Washington of triggering "the biggest trade war in history."
On the interbank foreign exchange market (forex), the local currency resumed trading at 68.88 after closing the night at 68.95 on new dollar sales by banks.
She still gained 68.81 points before beating back abruptly.
After falling to an intraday trough of 69.04, its lowest since June 28, the local unit is gradually bouncing back towards the end of the year. at 68.87, revealing a modest gain of 8 paise, or 0.12%
However, for the week, the rupee still depreciated by 41 points against the US dollar
. Crude prices slid below 77 dollars a barrel, under pressure from rising Saudi output and trade tensions between the United States and China, even though oil supply disruptions have supported oil. 500,000 barrels a day last month, a sign that Riyadh wants to make up for shortages elsewhere and curb prices.
Brent crude, the world benchmark, fell more than 1 percent to $ 76.71 a barrel in Asian trade. RBI, meanwhile, set the benchmark rate for the dollar at 68.7545 and for the euro at 80.4771.
The domestic bond market also experienced a recovery trend and the 10-year benchmark rate fell to 7.87%. 19659002] Globally, the dollar weakened Fears over Chinese imports took effect, but a mixed reaction in the currency markets suggested that the escalation had been largely taken in account by investors focusing on a report on US jobs later in the day
. In 1965, the rupee regained some lost ground against the pound sterling to close at 91.13 per pound against 91.39 and also recovered against the Japanese yen to close at 62.27 per cent. However, it remained under pressure against the euro to close at 80.69 against 80.64
Elsewhere, the euro hit several-week highs against the greenback, thanks to strong German industrial orders. and the signs that Washington had softened its commercial rhetoric vis-à-vis the carmakers of the European Union.
The British pound trades little against the US dollar before the main US report on non-agricultural payroll
Today, the six-month term premium payable in November has dropped to 116 , 50-118,50 paise against 120-122 paise and the month of May. The 2019 contract went from 268 to 270 paise to 265-267 paise
(This story was not edited by Business Standard staff and is generated automatically from a syndicated feed. )
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