USD/INR Closed at 70.90 against its open of 70.79. Dollar closed higher  on increased bids from oil importers amid caution ahead of the Organisation of Petroleum Exporting Countries (OPEC) meeting outcome later today. Investors will remain risk-averse ahead of the OPEC meet. Oil bids will be seen. Also, more clarity on US-China trade truce is awaited. Brent crude oil prices plunged further in tepid trading ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30% since October.

OPEC meet starts at 2:30PM and press meet is around 3:30 PM. Russia, a major oil producer but not a member of OPEC, will meet with the producer cartel on Friday to discuss production levels, and it is widely expected that a supply cut will be agreed.

 

Nifty closed  lower at 10,601.15, whereas  Sensex was down at 35,312.13.