WEEKLY CURRENCY MARKET 1st - 5th JULY 2019

During the current week, the rupee appreciated 63 paise or 0.91 per cent against US dollar. Last week, the rupee gained 55 paise or 0.79 per cent against US dollar. Rupee opened 13 paise on Monday and closed 9 paise higher against the dollar at 68.94on account of selling in American currency by banks and exporters along with cautiousness ahead of G-20 meet outcome. Rupee closed 7 paise lower against the dollar at 69.02 as many dealers were on leave due to heavy rains in Mumbai on Tuesday. The US dollar moved up after the United States and China agreed to restart their troubled trade talks. Rupee closed 5 paise higher against the dollar at 68.89 on easing crude oil prices on Wednesday. At present, trade tensions, global slowdown and banking stress in India will keep a check on rupee appreciation. Rupee closed 42 paise higher against the dollar at 68.48 on easing crude oil prices, rising in domestic equities on Thursday. On Friday , Rupee opened on a weak note, but recovered by 10 paise to trade at 68.40 against the US dollar as forex market weighed measures announced in the Union Budget to achieve the USD 5- trillion economy targets.