USD/INR closed at 71.24 against opening at 71.09. USD/INR rebounded after opening flat Friday on buying by oil importers tracking rise in Brent crude oil prices.Investors await the release of India's interim budget due later today for further direction. All eyes are on India's budget release now. Currently some oil bids are supporting the spot.
Crude oil prices edged higher as data showed major exporters are quickly reducing output in line with a supply cutting pact amid lower imports into the US.Also, supply disruption from Venezuela impacted prices. Venezuela struggled to keep up its crude exports after the US imposed sanctions on the nation.Brent crude oil futures for April delivery traded 0.39% up at $61.89 a barrel on Friday.
On the domestic front, Finance Minister Piyush Goyal is scheduled to present India's Interim Budget in the Lok Sabha at 11AM today, a virtually full-fledged budget of the Modi government ahead of general elections.The Government of India is expected to announce populist measures in the interim budget for the financial year 2020, to boost rural sector growth while pump-priming the economy by continuing with infrastructure expansion plan along with a relief package to address agrarian distress and the stressed small scale industry sector.
Meanwhile, the greenback recovers against its major peers on short covering by investors after the index fell sharply after the dovish Federal Reserve's recent monetary policy.The dollar index, which weighs greenback against a basket of six major currencies, traded at 95.59 Friday compared to 95.33 at close of Indian market on Thursday.
Today, US President Donald Trump said that trade negotiations between the China and the US were going well and that China was eager to make a deal.President Trump tweeted that a final deal would leave 'nothing' unresolved but a bargain could only be struck after he meets with Chinese President Xi Jinping.
Sensex,Nifty ends up 212 and 62 points with 23 and 34 components in the green Respectively.