USD/INR closed at 69.22 against its opening at 69.07. Dollar/rupee ended at one-week high Friday on buying by nationalised banks on oil importers. PSBs were on the buy-side mostly on behalf of oil importers today.
The US and China are nearing an agreement to end their trade war and could reach one in four weeks, said President Donald Trump, as Chinese President Xi Jinping urged a quick end to negotiations.US President Donald Trump said on Thursday that a trade deal with China getting very close and could be reached in about four weeks, but he is sticking to the points included tariffs and intellectual property theft.
Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said.They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had been discussed with OPEC members and one source briefed on Saudi oil policy said Riyadh had also communicated the threat to senior U.S. energy officials.The chances of the U.S. bill known as NOPEC coming into force are slim and Saudi Arabia would be unlikely to follow through, but the fact Riyadh is considering such a drastic step is a sign of the kingdom’s annoyance about potential U.S. legal challenges to OPEC.
“The Saudis know they have the dollar as the nuclear option,” one of the sources familiar with the matter said.“The Saudis say: let the Americans pass NOPEC and it would be the U.S. economy that would fall apart.
Crude oil futures trading down after testing $70 a barrel level on the progress in US-China talks to end a trade war.Brent futures for June delivery traded 0.39% up at $69.13 a barrel on Friday.
The dollar index, which tracks the movement of greenback against a basket of six major currencies, traded at 97.30 Friday compared to 97.19 at close of Indian market on Thursday.
Sensex jumps 178 points in fag-end rally, Nifty ends at 11,666.