Rupee Gains For 2nd Day As Risk-Off Abates, Oil Retreats

Rupee Gains For 2nd Day As Risk-Off Abates, Oil Retreats

15 May 2019 05:34 PM
 
The 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 70.34 to a dollar, against 70.44 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. Rupee was the best performing emerging currency in the morning, as fear of trade war reduced aiding demand for risk assets. However, investors are still reluctant to purchase local assets in run-up to election results and amid possibility of trade talks taking a wrong turn

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