Fresh foreign capital inflows took the local currency higher today.
- Fresh foreign capital inflows took the local currency higher today. However, a lower opening of the domestic equity markets capped the rise, according to forex market dealers.
- On Thursday, forex market sentiment swung back in favour of the domestic currency after the initial wave of volatility after the Reserve Bank of India's June meeting minutes signalled that the central bank will rely on data for future rate hike decisions.
- Meanwhile, the S&P BSE Sensex fell 60 points in the opening hours on Friday to trade at 35,371. NSE's Nifty50 traded 23 points lower near 10,720 level. The stocks that are eyed on Friday include JSPL, JSW Steel and ICICI Bank. Jindal Steel and Power (JSPL) is in the news because ratings agency ICRA upgraded the rating outlook of JSPL's subsidiary Jindal Power from 'Negative' to 'Stable' on Thursday.
- The European Union slapped revenge tariffs on iconic US products including bourbon, jeans and motorcycles in its opening salvo in a trade war with President Donald Trump. The tariffs, which took effect at midnight will further fuel jitters on world stock markets that are already alarmed by trade tensions between the United States and China. This may also impact the forex market today.
- Oil prices also rose by more than 1 per cent in early Asian trading on Friday, pushing up by uncertainty over whether OPEC would manage to agree a production increase at a meeting in Vienna later in the day. (With PTI inputs)
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