The rupee rose by as much as 18 paise against the US dollar on Friday. The rupee opened higher at 71.76 against the greenback, and climbed to as high as 71.62 at one point by late morning deals.

According to analysts, positive developments in the US-China trade talks, a firm trend in domestic equity markets and easing crude oil prices revived the sentiment in the forex market. At 9:39 am, the rupee traded at 71.70 against the greenback, as against its previous close of 71.80.

Here are 10 things to know about rupee:

Renewed hopes for US-China trade talks after Beijing indicated that it may not retaliate against the latest tariffs imposed by the US helped the domestic currency on Friday, analysts said.  

Advances in the domestic stock markets also supported rupee. The S&P BSE Sensex rose as much as 250.06 points in early trade to 37,318.99, and the broader NSE Nifty benchmark moved to 11,024.85, up 76.55 points from the previous close.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 98.52.    

The 10-year government bond yield was down at 6.55 per cent in morning trade. 

Now, the focus will on be on the Gross Domestic Product or GDP data, due to be released post market hours, IFA Global said in a note.

According to a poll by news agency Reuters, the economy was expected to have grown 5.7 per cent in the June quarter - its slowest pace in more than five years.

RBI has revised down its GDP forecast to 6.9 percent earlier this month.

In the annual report for FY19, released on Thursday, the Reserve Bank of India (RBI) said that the ongoing economic slowdown is a "soft patch mutating into a cyclical downswing". The central bank conceded that diagnosing the exact problems is "difficult", but reiterated that the issues are not structural in nature, barring those around land, labour and agri produce marketing.    

Meanwhile, brent crude futures, the global oil benchmark, declined 0.02 per cent to $61.07 per barrel.    

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs. 986.58 crore on Thursday, as per provisional data.    

Published On : 30-08-2019

Source : NDTV Profit