On Friday - USDINR likely to start with positively range bound as dollar was down on Friday morning in Asia, ending the week by giving up earlier gains. Investors had turned to the safe-haven asset after U.S. markets saw yet another stocks selloff overnight.
Yesterday , The domestic unit opened at 73.42 against the US dollar, and finally closed at 73.46 against greenback, registering a rise of 9 pips over its previous close. During the session, the domestic unit witnessed an intra-day high of 73.16 and a low of 73.50 against the greenback.
The foreign ministers of India and China have agreed that troops of the two countries must quickly disengage from a border standoff, they said in a joint statement issued on Friday.
INTRADAY RANGE - 72.91 ( 73.23 - 73.60 ) 73.94
GLOBAL OUTLOOKS
The euro also seesawed, initially rising over comments made by European Central Bank President Christine Lagarde emphasized that the bank does not target exchange rates. But Lagarde’s comments contradicting her earlier statement as well as the exchange rate’s impact on inflation, saw a subsequent retreat to dollars and slump in the single currency.
The European Union threatened legal action against the U.K., encouraging the latter to abandon plans announced earlier in the week to break the Brexit divorce treaty. But with the U.K.’s insistence on moving forward with draft legislation potentially breaking international law “in a limited way”, threatens to undo four years of negotiations between the two parties.
Oil prices slid again after U.S. data showed a build in crude stockpiles last week stemming in part from ongoing reductions at refineries along the Gulf of Mexico after Hurricane Laura.
Asian stocks were mostly down on Friday morning, reacting to a fresh U.S. tech stocks rout during the previous session.The selloff, the third in less than two weeks, contributed to continued volatility in stocks globally, signaling a potential end to a rally that has seen U.S. equity values alone add $7 trillion.
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