India Rupee Likely Higher As Oil Slump Offsets Dollar Index Jump

India Rupee Likely Higher As Oil Slump Offsets Dollar Index Jump

17 Jul 2019 08:59 AM
 

Indian rupee is expected to open marginally higher at around 68.60-68.65 against the dollar after the biggest decline in Brent crude in two weeks overshadowed a surge in dollar index on upbeat U.S. economic data.

Most Asian currencies slipped Wednesday after the dollar index climbed 0.5% following buoyant U.S. economic data. Retail sales in June grew 0.4% month-on-month, significantly better than the 0.1% increase expected by economists poll. Control retail sales too trumped estimates, growing 0.7%, more than double of what was expected.

In May, the U.S. increased tariffs on $200 billion of Chinese imports amid a breakdown in talks. U.S. officials have repeatedly accused China of walking back on promises already agreed upon, leading to the failure of talks. Asian equities declined Wednesday amid falling investor confidence over U.S.-China trade relations.

 

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