The Indian rupee is expected to open marginally higher against the dollar after regional equities recovered from recent losses, helping alleviate concerns over the biggest increase in Brent crude in three weeks. The rupee is expected to open around 70.32-70.37 in early trades versus the dollar compared with its previous close of 70.4350.
A day after suffering the biggest decline in four months, the S&P 500 Index and the Dow Jones Industrial Average added 0.8% on Tuesday. The rebound in risk appetite spread to Asia, with benchmark indexes of China, Hong Kong, and South Korea advancing up to 0.8%.
The recovery was likely based on expectations that the U.S. and China would resolve their trade conflict. The likelihood of an agreement received a boost yesterday after President Donald Trump reportedly said that talks with China had not broken down and he has a “very good” dialogue ongoing with China. A report added that Trump called the trade conflict with China “a little squabble” on account of the U.S. being treated unfairly by China for “many, many decades.”
Earlier in the day, Trump said on Twitter that the U.S. will make a deal “when the time is right” and once again touted his excellent relationship with Chinese President Xi Jinping.
13 Jul 2020 04:57 PM
Indian shares ended higher on Monday, led by a rally in Reliance Industries, ahead of June's inflation data which investors bet would lead to further interest rate cuts by the central bank.
13 Jul 2020 02:43 PM
The Indian rupee was little changed against the greenback, amid focus on decline in the dollar index
13 Jul 2020 11:45 AM
Indian shares climbed on Monday, as investors bet June inflation data later in the day would lead to further interest rate cuts by the country's central bank, while Reliance Industries gained for a third session.
13 Jul 2020 11:15 AM
The yuan hovered around the key 7 per dollar threshold on Monday, ahead of economic data this week
13 Jul 2020 10:45 AM
Gold prices rose on Monday, holding ground above the key $1,800/oz level, as a weaker dollar and worries over surging COVID-19 cases around the globe kept the safe-haven metal underpinned.
13 Jul 2020 10:31 AM
The Indian rupee was at 75.1275/75.1375 to the dollar against 75.2000/75.2100 in the previous session