Dollar/rupee ended at Rs 69.65/$1 Monday, level last seen on May 31, 2019 compared to previous close of Rs 69.47/$1. Dollar/rupee ended at one-week high Monday on buying by nationalised banks likely on behalf of oil importers. Oil importers tracking the rise in oil prices and expecting further rise in the crude prices rushed to shore up their reserves.Oil importers rushed to shore up reserves anticipating oil prices to rise now gradually. PSBs were likely buying dollars on their behalf.
The greenback plunged against its other major counterpart later of Friday after a dismal US jobs data fanned hopes of a Fed rate cut later this year, while optimism over potential progress in US trade tiffs with China and Mexico added to risk appetite globally.The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 96.88 Monday compared to 97.06 at close of Indian market on Friday.
A US Labour Department report showed non-farm payrolls increased by 75,000 jobs last month, much smaller than the 185,000 additions estimated by market participants.Traders raised bets for a rate cut in July followed by two more rate cuts by year-end.
A notice released on Friday, US officials granted Chinese exporters two more weeks to get their products to the United States before raising tariffs on those items. The US and Chinese leaders are expected to meet late in June at the G20 meeting.
In a tweet on June 7, President Donald Trump informed, the US has reached a signed agreement with Mexico. The tariffs scheduled to be implemented by the US on Monday, against Mexico, are hereby indefinitely suspended.He further added Mexico, in turn, has agreed to take strong measures to work to "stem the tide of migration through Mexico, and to our Southern Border" and said those steps would "greatly reduce, or eliminate, illegal immigration coming from Mexico and into the US."Mexican sources told late Friday that negotiators are battling to reach agreement over a US demand that Mexico accept more asylum seekers.
Sensex provisionally ends 180 points higher with 19 components in the green.