Indian rupee rose for a second session against the dollar, as global risk-off abated following U.S. President Donald Trump’s optimistic comments on a trade deal with China and lower crude oil prices.
The rupee ended at 70.3350 to a dollar, against 70.4350 at previous close. It opened at 70.34 and hit an intraday high of 70.18 before erasing most of its gains to decline to 70.39 in late trade. Most Asian currencies ended lower against the dollar on weak Chinese data.
Abating the risk-off globally was U.S. President Donald Trump’s comments, which indicated that China and the U.S. could still reach a trade deal. He reportedly said that trade talks had not collapsed and dialogue with China is “very good.”
The Benchmark Brent crude oil contract retreated after data showed a surprise rise in U.S. crude inventories and trade war fear dragged prices. The contract was last trading 0.4% lower at $70.98 per barrel after rising 1.5% yesterday to close at the highest since May 1. India imports 80% of its crude oil requirements.
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