INSUBCONTINENT EXCLUSIVE:
INR Vs USD: On Thursday, the rupee declined 24 paise to close at 71.99 against dollar.The Indian rupee opened on a positive note on Friday
and was trading marginally higher by 4 paise at 71.95 against US dollar, reported news agency Press Trust of India (PTI)
According to forex dealers, slight weakness was seen in the American unit against some currencies including yen on fears that US President
Donald Trump would take up trade issues with Japan
The dollar trend overseas supported the rupee but losses in domestic equities kept investors mood dampened, capping the domestic currency's
On Thursday, the rupee declined 24 paise to close at 71.99 against the US dollar, extending its fall to the seventh session in a row
The rupee dipped below the 72 level against the American currency for the first time during Thursday's session.2
"The rupee is expected to remain under pressure
The RBI is intervening very selectively to contain volatility
It is not intervening aggressively
Due to absence of meaningful intervention by the RBI, there is lot of speculative dollar buying in the market
Since the 72 level has been broken the immediate levels to watch out is 72.50-73.00
We expect some kind of reversal from 72.50-73.00 levels
But the appreciation in the rupee will not last longer as importers may rush to cover their unhedged exposure on every appreciation
opportunity in the rupee", said Rushabh Maru, Research Analyst, Anand Rathi Shares and Stock Brokers.3
Meanwhile, the benchmark equity indices opened on a negative note on Friday
At 9:37 am, the SP BSE Sensex plunged 119.60 or 0.31 per cent to trade at 38,123.21
Asian shares carved out a 14-month trough on Friday as investors feared a new salvo of Sino-United States tariffs could come at any moment,
while a slump in United States chip stocks rippled through the tech-heavy region.5
Oil prices were stable on Friday, as the market balanced a fall in United States crude inventories to the lowest levels since 2015, with
Sino-American trade tensions and economic weakness from emerging markets
