USDINR opened 18 pips weaker @ 69.88/89 against Thursday @ 69.70/71 levels. The dollar hovered near a one-month low against its peers on Friday, weighed down by a subdued outlook towards US interest rates and the economy, while risk aversion in the broader markets. Brent crude closed below $55 a barrel for the first time in more than a year as economic warning signs sent markets reeling across the globe.
INTRADAY RANGE - 69.25 (69.60 - 70.20)70.45
Yesterday rupee strengthened further by 1.0350 paise to close at 69.70 against the greenback Thursday as the Fed raised the interest rate but lowered its projection for future hikes. Tumbling crude oil prices and sustained selling of the greenback.
The World Bank said on Friday it slightly cut its gross domestic product (GDP) growth forecast for the Philippines as persistently high inflation eats into consumer spending. The Philippine economy, among the fastest growing in Asia, is seen expanding by 6.4 percent in 2018 and 6.5 percent in 2019, a tad lower versus the October forecast of 6.5 percent and 6.7 percent, respectively.
Comments