USD/INR closed at 73.32 against its previous day close at 73.5950. Dollar dropped after opening higher Friday as banks across segment cut their long positions after selling by the Reserve Bank of India.
The spot had opened higher as the September monetary policy minutes showed FOMC members intention to raise borrowing costs further in the coming months.There is less number of bidders in the spot market as everyone is offloading their long positions. Big corporates along with foreign banks sold dollars in spot after RBI intervened around Rs 73.64/$1 levels.
Indian shares opened lower Friday as liquidity concerns continues to weigh on investor sentiments while weak global after China's Q2 GDP growth missed forecast.Globally, Asian shares were lower after another slide in the US overnight while China's GDP growth for the third quarter of 2018 came in below expectations.China's equities rose, reversing losses, after verbal intervention by the nation's top financial regulators, who assured they'll keep financial risks under control.
Asian stocks slipped further on Friday as China posted its weakest economic growth since the global financial crisis. Gold prices nudged higher early Friday as Asian shares fell on renewed political and economic concerns. Oil prices nudged higher on Friday but were set for a second weekly drop amid higher U.S. crude inventories.
BSE Sensex closed 463.95 points down at 34,315.63, while the Nifty 50 ended 149.50 points.