USDINR closed at 68.5200 against its opening at 68.3700. Dollar ended at two-week low Friday on selling by foreign banks along with exporters amid FII inflows into local stocks,Considerable moderation in oil prices also led to expectation of no further gains in the pair, as a result exporters sold at these levels. "Foreign banks and exporters sold dollars tracking a moderation in oil prices,".
The spot followed the NDF movement, also, lack of US-China trade tensions have improved the sentiments in the market. The greenback remained subdued as US inflation data failed to impress investors' sentiments.
The US Consumer Price Index increased 0.1% in June on a seasonally adjusted basis after rising 0.2% in May, reported the Labour Department on Thursday.
Over the last 12 months, the all items index surged 2.9% before seasonal adjustment, in line with market consensus.
Local stocks opened higher tracking gains in Asian markets following overnight rally on Wall Street as trade war concerns abated.
Asian shares rallied this morning on sensing relief from the lack of escalation in trade tensions between the US and China.
Sensex provisionally ends 25 points higher with 14 components in the green.
GOLD
Gold prices were muted on Friday, stuck in a tight trading range as the dollar extended gains from the previous session when strong U.S. inflation data and trade war concerns boosted demand for the greenback.
OIL
Oil prices edged lower on Friday and were set for a second weekly fall, as the market shrugged off a warning that spare capacity may be stretched as OPEC and Russia increase production.
ASIAN NEWS
China’s trade surplus with the United States swelled to a record in June as its exports accelerated broadly, a result that could further inflame a bitter trade dispute with Washington.