The Indian rupee is expected to open higher against the dollar on bets that the cut in corporate taxes would help spur foreign fund inflows into local equities. The rupee is likely to open around 70.76-70.81 per dollar with the previous close of 70.93.
A change in sentiment following the tax cut could help reverse the trend of foreign investors paring their exposure to Indian equities. Worries over India’s economic outlook had prompted foreign investors to take out almost $5 billion in three months prior to the tax cut announcement.
Meanwhile, other Asian currencies were rangebound today while regional equities edged higher. Investor focus remains on next month’s high level trade talks between the U.S. and China after deputy level discussions concluded last week. The U.S. Trade Representative’s office following the talks said the discussions were positive and that Washington looked forward to welcoming the Chinese delegation in October.
The U.S. economy continued to perform better that its major peers. The IHS Markit PMI rose to 51 this month from 50.3 in August, data released yesterday showed. The dollar index edged higher in Asia trading on Tuesday, heading for its third day of advance.
10 Dec 2019 06:24 PM
The Indian rupee gained for a fifth consecutive session and hit a five-week high against the dollar, driven by corporate and carry trade-related inflows. The rupee settled at 70.92 to the dollar in Mumbai, its highest since Nov. 5, against its previo
10 Dec 2019 03:53 PM
Indian shares ended lower on Tuesday, weighed down by information technology and state-owned bank stocks, as investors took profits in overbought shares toward the year end.
10 Dec 2019 03:22 PM
The euro was little changed versus the dollar on Tuesday as investors were wary of a looming deadline for U.S. tariffs on China, the British election and upcoming Federal Reserve and European Central Bank meetings. The greenback was neutral against a
10 Dec 2019 02:53 PM
Sterling edged higher on Tuesday, cementing recent gains as traders awaited data on economic growth and industrial production and kept an eye on the final days of campaigning ahead of Britain's general election on Thursday. The pound on Monday hit a
10 Dec 2019 12:03 PM
Indian shares inched lower on Tuesday, led by losses in information technology stocks, as investors locked in profits in overbought shares towards the year end. The NSE Nifty 50 index was down 0.14% at 11,920.95 and the benchmark BSE Sensex fell 0.1
10 Dec 2019 11:28 AM
The evolution of the U.S.-China trade war and the direction of global growth momentum remain the primary factors affecting the CNY (onshore yuan). The onshore yuan was trading flat at 7.0380 at midday, having stuck within a tight range of 54 pips in