India Rupee Steady; Dollar Slips Ahead Of Economic Data, Earnings

India Rupee Steady; Dollar Slips Ahead Of Economic Data, Earnings

13 Jul 2020 02:43 PM
 

The Indian rupee was little changed against the greenback, amid focus on decline in the dollar index on hopes that a likely strong earnings season in the U.S. and a slew of economic data releases this week will counter the coronavirus-induced downturn.

The rupee was quoted at 75.19 to the dollar compared with 75.20 at 2.00 p.m. on Friday.

Reliance Industries yesterday announced its 13th consecutive deal for stake sales in its digital arm. U.S.-based Qualcomm Inc will invest 730 crore rupees, or $97 million, in Jio Platforms for a 0.15% stake.

The dollar index slipped 0.1%, adding to last week’s 0.5% fall. The decline in the gauge came ahead of a raft of incoming global economic data and U.S. corporate earnings to gauge whether a rally in equity markets due to the economic outlook is justified.

Traders' focus this week will be on economic data out of the U.S. and China and earnings of U.S. banks, which would help in assessing the economic impact of the coronavirus pandemic. China’s June-quarter gross domestic product data is due Thursday alongside last month’s activity and spending data. U.S. retail sales numbers, a key gauge of consumption, are also due on Thursday.