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Rupee pares gains; settle up 5 paise at 71.02 amid spike in crude oil price

Date: 12-10-2019
Subject: Rupee pares gains; settle up 5 paise at 71.02 amid spike in crude oil price
The rupee pared early morning gains to settle higher by 5 paise at 71.02 against the US dollar on Friday as a sudden spike in Brent crude prices following missiles attack on an Iranian oil tanker weighed on investor sentiment. Forex traders said investor traded cautiously after a suspected missile attack on an Iranian oil tanker off the Saudi coast on Friday.

Brent crude futures, the global oil benchmark, rose 1.15 per cent to USD 59.78 per barrel.

At the interbank foreign exchange market, the rupee had opened at 70.82 against the US dollar. Later, the local unit lost ground and fell to a day's low of 71.08.

The domestic unit finally settled at 71.02, higher by 5 paise over the previous closing price. On Thursday the rupee had settled at 71.07 against the American currency.

"Oil jumped to USD 60 a barrel after reports of missile strikes on an Iranian tanker off the coast of Saudi Arabia reignited fears over military escalation in the world's most important crude-producing region," said V K Sharma, Head - PCG & Capital Market Strategy, HDFC securities.

On a weekly basis, the currency has lost 14 paise.

According to Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services Private "market participants are cautious ahead of the important trade talks that are expected to conclude between the US and China. Any progress on the same could keep major crosses supported on lower levels".

US President Donald Trump has said that he will meet with Chinese Vice Premier Liu He on Friday, raising hopes for progress on this week's high-level talks aimed at ending a 15-month trade war between the two nations.

"Big day of negotiations with China. They want to make a deal, but do I?" Trump said in a tweet Thursday before the start of the trade talks between the US and China.

Meanwhile, foreign funds invested Rs 749.74 crore in capital markets on a net basis on Friday, provisional data showed.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.42 per cent to 98.28.

The 10-year government bond yield was at 6.61 per cent on Friday.

On the domestic market front, the 30-share Sensex ended 246.68 points, or 0.65 per cent, higher at 38,127.08. The broader NSE Nifty rose 66.70 points, or 0.59 per cent, to 11,301.25.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.0516 and for rupee/euro at 78.0544. The reference rate for rupee/British pound was fixed at 86.8592 and for rupee/100 Japanese yen at 66.10.

Source: moneycontrol.com

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