The rupee today staged an impressive rebound from life-time low levels, surging by 21 paise to end at 68.84 against the US dollar on suspected the central bank's intervention to check volatility in currency markets.
U.S. stock index futures fell on Friday after President Donald Trump toughened his stance against China and said he was ready to impose levies on $500 billion worth of goods from the Asian nation.
China and India will discuss the US' trade war and its protectionist trade policy when President Xi Jinping and Prime Minister Narendra Modi meet on the sidelines of the BRICS Summit in Johannesburg next week, the Chinese Foreign Ministry said.
The rupee today took a hard 43-paise knock to close below the 69 level for the first time at a historic low of 69.05 against the US currency as upbeat comments on the US economy by the Federal Reserve chairman drove the greenback to one-year high levels higher against global currencies.
Gold prices sank to a fresh one-year low on Thursday as the dollar powered higher following comments from U.S. Federal Reserve chairman Jerome Powell which reaffirmed expectations for more interest rate rises in the world’s largest economy.
The rupee fell back sharply from a two-week high, depreciating by 17 paise to end at 68.62 against the US currency on renewed dollar demand from banks and importers even as crude oil hovered near its multi-month lows.
Gold extended its downtrend on Wednesday, sinking to the lowest in a year on a buoyant dollar and falling oil prices, but some analysts said bullion was close to bottoming out.
The U.S.-driven trade war has become the biggest “confidence killer” for the global economy, China’s foreign ministry warned on Wednesday, saying the whole world would fight back if the United States continued to be “wilful”.
The rupee today bounced back to settle at a fresh two-week high of 68.45 against the US currency, gaining 12 paise as crude oil prices beat a hasty retreat, easing inflation and trade deficit worries.
Japan and the European Union signed a wide-ranging free trade deal on Tuesday that both sides hope will act as a counterweight to the protectionist forces unleashed by U.S. President Donald Trump’s trade policies.