Rupee market closed, GBP/USD up

Friday,   17-Aug-2018   12:11 PM (IST)

The Indian currency and debt markets are closed today on the occasion of Parsi New Year Day. Yesterday rupee closed at 70.15/16 levels. Rupee touched the record low of 70.3850/3950 levels yesterday. The benchmark indices are trading higher taking cues from their Asian peers, which rebounded on Friday following a strong lead in Wall Street. At 12:05 PM, the S&P BSE Sensex was trading at 37,962, up 298 points while the broader Nifty50 was ruling at 11,474, up 89 points.

The GBP/USD is trading around 1.2720 as the Cable continues to lift from the week's low of 1.2660, but Brexit concerns continue to hang over all other issues for the UK, and continued failure to see an aversion of a hard Brexit scenario will see confidence in the GBP evaporate once again. The dollar stepped back from 13-1/2-month highs against other major currencies on Friday as talks next week between China and the United States offered some hope that the world's two largest economies will find a way to head off a full-blown trade war. The dollar lost steam, however, after China and the United States agreed on Thursday to hold a new round of trade talks on Aug. 21-22, helping stem risk aversion in the broader markets. The euro, which had also been hit by fears of a spillover from Turkey's financial crisis, was among the currencies to benefit from the news of trade talks.