Dollar/rupee closed at Rs 69.6750/$1 compared to opening of Rs 69.76/$1. USD/INR ends down on Friday tracking lower Brent oil prices. Brent oil prices is below $67/ barrel level as US economic growth revised down to 3.1%.
a gloomy outlook of the US economy and a possible rate cut by the Federal Reserve, cheered domestic markets as it would prompt FIIs to turn to India for better returns. Government bond prices traded up tracking the sharp easing in oil prices and US Treasury yields as Trump's imposition of tariffs on Mexico is expected to hurt global growth.
Traders now await the release of gross domestic product (GDP) data. The market will also eye the Reserve Bank of India's bi-monthly policy statement, due 6 June.The gross domestic product data, due later today, is expected to show the economy grew 6.3% in the first three months of the year, according to a survey. The annual expansion in the 12 months to March 2019 likely slowed down to 6.9%, the lowest level in five years.
Crude oil futures dropped as US economic growth revised down to 3.1% Inflation-adjusted Gross Domestic Product at a 3.1 % annualized rate in the January-March period, compared with an initially reported 3.2 %.
Brent futures for July delivery traded 0.59% down at $66.28 a barrel on Friday morning. The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 98.05 late Friday compared to 98.13 at close of Indian market on Thursday. At 9:20AM, dollar/rupee traded at Rs 69.74/$1 compared to its open of Rs 69.76/$1 Friday, and previous close of Rs 69.87/$1.
Sensex provisionally ends 119 points lower with 19 components in the red.