Dollar Closed at 72.4250 against its open at 73.10.Dollar/rupee extended fall during afternoon trades on selling by foreign banks and exporters amid likely overseas fund inflows into local stocks. Dollar/yen surged Friday as investors risk appetite heightened after optimistic regarding US-China trade talks amid slump in crude oil prices,
Finally we are seeing good news on all fronts and rupee has reacted by opening stronger today. Fall in crude prices on back of rising inventory in US and increase in production by OPEC; easing tension between US and China; scale down in CNY (now below 6.94); surge in GBP; healthy equity market resulting in stronger rupee.
Investors risk appetite surged after US President Donald Trump indicated potential progress in his trade negotiations with China.The advance came after a phone call between Presidents Donald Trump and Xi Jinping showed the door is still open for US-China trade talks.
"Just had a long and very good conversation with President Xi Jinping of China. We talked about many subjects, with a heavy emphasis on trade," said Trump in a post on Twitter. "Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina," added Trump. "Also, had good discussion on North.
NSE Nifty ended 1.66 percent higher at 10,553, while the benchmark BSE Sensex closed 1.68 percent higher at 35,011.65. The NSE index closed 5.21 percent higher for the week while the BSE index added 4.98 percent.