Dollar closed at 68.87 against its opening at 68.8800. Dollar ended down Friday on selling by foreign banks and exporters amid weak dollar. "Foreign banks including Bank of America sold dollars tracking a weak dollar index. While exporters also offloaded as RBI's intervention in spot at higher levels clouded hopes for further gains in the pair," said a dealer with a private sector bank. Dollar rebounds after opening down Friday on buying by foreign and private banks amid uncertainty ahead of a looming tariff deadline of US imposing tariffs on China and a potential de-escalation of some trade tensions with Europe,"There's caution in the market that US could implement tariffs on Chinese imports. Banks including Standard Chartered Bank, Barclays, HDFC bank, Axis Bank bought dollars. However, RBI intervened around Rs 69.02/$1 level," said a dealer with private-sector bank.
On Thursday, President Donald Trump said the US could soon impose tariffs on more than $500 billion in Chinese imports, about the amount of total goods the US imported from China last year. These comments came from Trump few hours before fresh tariffs on $34 billion of Chinese imports were scheduled to take effect at Friday.
At US Federal Open Market Committee's June monetary policy meeting minutes officials reaffirmed their commitment to hiking rates, even amid rising risks from trade battles and emerging-market turmoil.
However, the minutes did highlight a debate among policy makers over how many more rate increases would be needed to keep the economy on a stable footing in the long run.
Sensex provisionally ends 71 points higher with 17 components in the green.
OIL
Oil prices dipped on Friday as markets grew more nervous ahead of a raft of import tariffs set to be imposed later in the day by the world’s two biggest economies, the United States and China, threatening global growth.
GOLD
Gold prices nudged lower amid a steady dollar on Friday, with investors bracing for any impact on global markets from a deepening trade conflict between the United States and China.
ASIAN NEWS
China has no choice but to fight back against U.S. bullying on trade, the country’s Commerce Ministry said on Friday, after Washington’s tariffs on $34 billion in Chinese imports took effect.The ministry said in a statement that the U.S. move severely harms global supply and value chains and triggers global market turmoil. However, China would continue with its domestic reforms and opening up,