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Brent crude, the global oil benchmark, rose 1.50 per cent to $ 63.67 per barrel in futures trading. “The market sentiment for the pair is influenced by the US dollar’s strength amid a modest risk-off tone globally and domestic factors, including RBI’s stable policy stance and controlled inflation outlook,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
Dollar index eases amid softer US-China trade tensions
The dollar index was slightly down following a softer US-China trade war, Bhansali said, adding that the global market volatility and geopolitical developments remain the key drivers in the near term. On the domestic equity market front, Sensex dropped 451.82 points to 82,049 in early trade, while the Nifty declined 109.55 points to 25,175.80.
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Meanwhile, Foreign Institutional Investors bought equities worth Rs 459.20 crore on Friday, according to exchange data. India’s forex reserves fell by $ 276 million to $ 699.96 billion during the week ended October 3, according to RBI data. In the previous reporting week, India’s forex reserves had dropped by $2.334 billion to$700.236 billion.