USD/INR closed at Rs 69.5250/$1 vs opening of Rs 69.74/$1. today USD/INR traded between Rs 69.49/$1 and Rs 69.80/$1. USD/INR ends down on tracking easing crude oil prices amid overall weakness in the greenback after weak economic data from the US.
Brent cooled to $68/bbl and the dollar is also down from its two-year high following sharp decline in UST yields.Brent crude oil prices plunged after a suprise surge in American crude inventories alleviated concerns over a supply crunch, while fears of a full-blown trade war between the US and China weighed on the outlook for demand.
The U.S. Commerce Department said on Thursday it was proposing a new rule to impose anti-subsidy duties on products from countries that undervalue their currencies against the dollar, another move that could slap higher tariffs on Chinese products.China’s Commerce Ministry hit back on Thursday, with its spokesman saying the United States wants to continue trade talks, they should show sincerity and correct their wrong actions.
Japanese Economy Minister Toshimitsu Motegi said on Friday that he will meet with U.S. Trade Representative Robert Lighthizer in Tokyo on Saturday for trade talks ahead of a summit meeting between leaders from the two nations on Monday.
Brent crude futures for July delivery traded at $68.43 per barrel. The greenback eased against its major counterparts tracking lower US yields and poor purchasing managers index data from the US.
An IHS Markit survey of US manufacturers showed that the index fallig to a nine-and-a-half year low of 50.6 in May from 52.6 in April. Services PMI also slumped to 50.9 in May from 53 in the previous month and US continuing jobless claims data also came negative, as it was expected to be 1.670 million but actual data came 1.676 million. Also, growing concerns that the ongoing US-China trade war may hurt the US economy further weighed on the dollar.
The BJP-led National Democratic Alliance (NDA) won 353 lok sabha seats, with the BJP alone gaining 303 seats, a comfortable majority in 543 seat lower house of Parliament.
Sensex provisionally ends 630 points higher with 29 components in the green.