Dollar closed at 64.9300 against its opening of 64.9200. Dollar ended up on buying by oil importers amid risk-off sentiments due to fear of recent US trade protectionism policies. Dollar snapped four-day on buying by oil importers amid risk off appeal on fears of ripple effect of protectionist trade policies. Crude oil prices recovered from earlier losses as a drop in fuel stockpiles outweighed larger-than-anticipated increase in crude inventories and relentlessly rising US production. Local stocks opened little changed as February inflation slipped to 7 month low that helped arrest rate hike fears while weak global cues continued to exert pressure emanating from trade tensions. Locally, Urjit Patel, Governor, Reserve Bank of India (RBI), expressing his displeasure with regards to bank fraud and the regulators inability to check its occurrences would keep lenders under focus. Asian stocks dropped as market participants adopted a risk-off approach, mulling comments from President Donald Trump's new economic adviser. Treasury yields extended declines after lacklustre US retail sales stoked concern that consumer spending is cooling, weighing on the dollar.
Sensex provisionally ends 178 points lower with 24 components the red.
INTERNATIONAL
Oil prices were broadly steady on Thursday, supported by a pickup in equity markets, but held back by evidence that supply will overtake demand this year.
and other virtual currencies eased back from earlier losses on Thursday but still remained lower as a Google ban and regulation talk continued to weigh.
Swiss National Bank Chairman Thomas Jordan said U.S. protectionist tendencies posed a big risk to the Swiss economy and could trigger renewed demand for the traditional safe-haven Swiss franc.
The president of the European Parliament said on Thursday that European Central Bank’s guidelines on banks’ bad loans appeared to be in line with the legislature’s legal opinion but urged the ECB to align its oversight with incoming EU rules.