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.
28 Feb 2020 05:20 PM
The Indian rupee slipped against the dollar this month amid a broad decline in Asian currencies and equities, on growing alarm over the spread of the coronavirus beyond China and across the globe.
28 Feb 2020 04:37 PM
Indian shares sank on Friday for a sixth straight session, capping their worst week in more than a decade, over fears that the fast-spreading coronavirus outbreak could trigger a global recession.
28 Feb 2020 02:56 PM
The pound dropped on Friday, particularly against the euro, as worries about the fast-spreading coronavirus sent investors out of currencies deemed riskier.
28 Feb 2020 11:28 AM
The yuan eased on Friday, dragged by a massive global selloff in risk assets as investors panicked about the fast spread of the coronavirus, however, growing expectations of a U.S. rate cut slowed the Chinese currency's fall against the dollar.
28 Feb 2020 09:46 AM
Oil prices fell for a sixth straight session on Friday and were on track for about a 12% weekly fall, the biggest in more than four years, as the spread of the coronavirus outside China raised fears of slowing global demand.
28 Feb 2020 09:20 AM
The dollar nursed losses on Friday after its worst day against the euro in nearly two years, as the global spread of the coronavirus fired up expectations for a U.S. rate cut and pushed the hunt for yield elsewhere.