USD/INR closed at Rs 69.91 Friday compared to opening at Rs 69.94. USD/INR ends down on weak dollar and omproving risk appetite. Rupee appreciated as dollar remained weak after lower than expected US Producer Price Index data. USD/INR opened higher on Friday as risk aversion related to the US-China trade tensions mounted amid high Brent crude prices. Brent oil prices is inching towards $71/ barrel level while growing concerns over US-China trade war is supporting the spot pair.
U.S. President Donald Trump’s tariff increase to 25 percent on $200 billion worth of Chinese goods took effect on Friday, ratcheting up tensions between the United States and China as they pursue last-ditch talks to try to salvage a trade deal. With no action from the Trump administration to reverse the increase, U.S. Customs and Border Protection imposed the new 25 percent duty on affected U.S.-bound cargoes leaving China after 12:01 a.m. EDT (0401 GMT) on Friday.
Brent futures for July delivery traded 0.92% up at $71.04 a barrel on Friday. Meanwhile, the dollar index, which tracks the movement of greenback against a basket of six major currencies, was at 97.36 Friday compared to 97.63 at close of Indian market on Thursday.
The greenback remained weak against its major counterparts on the selling pressure after US Producer Prices Index failed to surprise markets today, rising at an expected 0.2% during April from 0.6%.
Sensex extends slide to 8th day, closed down 96 points, Nifty ends at 11,279.