Weekly Forex Market Update

Market Outlook

On Friday, the Indian rupee declined by 11 paise against the United States (US) dollar and throughout the week traded in the range of 70.0825 and 70.70 as crude oil prices firmed up and US-China trade related concerns weighed on investor community. Moreover, besides the US-China trade concerns, foreign fund outflows also kept pressure on the Indian rupee. On the flip side, the U.S. dollar edged down on Friday in Asia but still hovered near a two-week high following the release of robust U.S. housing data and a better-than-expected weekly jobless claims report.

Fundamental News

  • The dollar rose earlier in the day after data showed that the number of people applying for unemployment benefits fell to 212,000, indicating that the U.S. economy continues to be strong despite the ongoing trade dispute with China.
  • China’s stockpile of U.S. government notes, bonds and bills fell by $67.2 billion, a 5.6% decline.

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