According to a report by news agency Reuters, the Asian Share Market fought to sustain the slimmest of recoveries on Friday amid speculation the Federal Reserve might be “one-and-done” with U.S. rate hikes, while oil fell anew as producers bickered over the details of an output cut.
Even oil price continued with its downward trend in international market following OPEC’s decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia. OPEC tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, Reuters quoted two sources from the group as saying.
Even the Indian currency gained in the early trade against the US dollar on Friday. It opened higher by 35 paise at 70.55 per dollar on Friday versus previous close 70.90 per dollar. Forex traders told PTI that increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.