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The Rupee opened at a record low on Friday, with rising ?U.S. Treasury yields boosting the dollar and compounding the already significant ?strain from high crude oil prices. The currency has declined to new lows over three ?straight sessions, losing 1.36% this week, with the downside likely moderated ?by Reserve Bank of India intervention to manage the pace ?of the decline, according to bankers. It hit a lifetime low of 95.9575 per ?dollar in Thursday trading before paring some losses. Multiple reports in recent days outlining ?possible steps to boost dollar inflows and alleviate mounting pressure on the rupee have offered only temporary relief, before the currency resumed its downward trend. Oil markets are eyeing updates on the meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Meanwhile, the U.S. 10-year yield climbed above 4.50% to ?a near one-year high, ?lifting the dollar ?and adding to pressure on the rupee. Bets that the Federal Reserve may need to raise interest rates to tackle oil-driven ?inflation have pushed Treasury yields higher. The dollar index moved ?past 99, ?while Asian currencies and equities declined. The dollar firmed on Friday and was set for its largest weekly ?gain in more than two months, as rising energy prices and prolonged disruptions to shipping stoked inflationary pressures, boosting bets on a ?Federal Reserve rate hike this year. Markets were also keeping a close eye on the second day of a high-stakes summit between U.S. President Donald Trump and his Chinese counterpart Xi Jinping, with Trump seeking economic wins from Beijing against the backdrop of the Iran war. The greenback's strength pushed the yen to the weaker side of 158 per dollar and kept traders on ?alert for further intervention from Tokyo. The Japanese currency was fetching 158.45 in early Asia trade and was on track to lose more than 1% for the week. The euro ?fell ?0.04% to $1.1662, also headed for a weekly fall of over 1%. In other currencies, sterling fell to a one-month low of $1.3385, having slid 0.9% in the previous session following the resignation of British health minister Wes Streeting, deepening the political crisis there. The Australian dollar edged away from its recent four-year peak on the ?back of the greenback's strength and traded 0.04% lower at $0.7217. The New Zealand dollar eased 0.14% to $0.5903. Oil prices gained more than 1% after President Donald Trump said China wants ?to buy oil from the United States and as concerns persisted over ?ship attacks and seizures despite Iran saying about 30 vessels had passed through the Strait of Hormuz. Brent crude oil futures rose $1.17, or 1.11%, to $106.89 a barrel by 0252 GMT, while U.S. ?West Texas Intermediate futures were up $1.10, or 1.09%, to $102.27.......
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GlobalFX

The US dollar weakened sharply against other major currencies after data showed that the US economy suffered a record contraction in Apr-Jun, while jobless claims rose in the week ended Saturday also rose.The US unit also extended its decline globally on Thursday after Trump raised the possibility of delaying presidential election in the US, scheduled for November.European Stocks ended lower on Thursday due to mounting concern over sluggish economic recovery and a possible second wave of the COVID-19 pandemic.Germany reported its worst decline in GDP since 1970, with the Eurozone’s largest economy shrinking 10.1% quarter-on-quarter in Apr-Jun.Corporate earnings were high on investors' agenda on Thursday.In the US, Most share indices ended lower on Wednesday following bleak economic data.Lack of progress in talks between Congressional Democrats, Republicans and the White House on a new coronavirus aid package also weighed on sentiment.Gold futures settled lower on Thursday after nine consecutive days of gains, with the bullion retreating from a record rally as traders booked some profit.......
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