Rupee ends higher for the 2nd session

Rupee ends higher for the 2nd session

15 May 2019 05:55 PM

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.