Indian rupee is expected to open higher against the dollar after U.S. President Donald Trump postponed an increase in tariffs on $250 billion of Chinese shipments by two weeks, boosting demand for Asian currencies. The rupee will likely open at 71.51-71.56 compared with its previous close of 71.65.
The onshore Chinese yuan, up 0.2% at 7.0980 to the dollar, led Asian currencies higher on Thursday after Trump said on Twitter that at the request of Chinese Vice-Premier Liu He and as “as a gesture of goodwill,” he was delaying the planned increase in tariffs to 30% from 25% on $250 billion of Chinese imports by two weeks to October 15. Trump’s move came after Beijing earlier yesterday waived import tariffs imposed last year on more than a dozen U.S. goods. The U.S. president called China’s decision to exempt some U.S. goods a “big move” and a positive gesture before trade negotiators from both the countries meet in Washington.
Amid optimism over U.S.-China trade, the S&P 500 Index advanced 0.7% yesterday to close at an over two-month high. Equity index futures suggested that U.S. stocks could rise further.
Traders awaited the European Central Bank policy review later in the day. The common central bank is widely expected to ease policy amid muted inflation and growth worries.
19 Sep 2019 06:51 PM
The Indian rupee fell against the dollar following an uptick in crude oil prices amid reports that Saudi Arabia had sought crude supply from
19 Sep 2019 04:51 PM
The Bank of England said Brexit uncertainty was causing slack to re-emerge in Britain's economy and damaging productivity, and a failure to reach a transition deal by Oct. 31 could lead to further weakness.
19 Sep 2019 04:18 PM
Indian equity indices closed over 1% lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth.
19 Sep 2019 04:10 PM
The euro is trading $1.1065, up from the lows it fell to on Wednesday after the Fed cut rates but signaled no new moves are imminent. Markets are digesting the decision and eyeing several US figures.
19 Sep 2019 03:54 PM
British retail sales unexpectedly fell in August after shoppers bought less online than the month before, when an annual promotion by Amazon appeared to have encouraged them to splash out, official figures showed on Thursday.
19 Sep 2019 02:58 PM
The British pound steadied on Thursday as traders waited the Bank of England monetary policy meeting due later.