Indian rupee is expected to extend losses against the dollar after the U.S. upped the ante on its trade war with China by labeling the Asian nation as a currency manipulator. Rupee will likely to open around 70.81-70.86 compared with its previous close of 70.74.
Asian equities declined Tuesday after Washington designated Beijing as a currency manipulator after the Chinese yuan fell about 1.5% yesterday to its lowest in more than 10 years. The yuan’s decline to below 7 to the dollar came after President Donald Trump last week proposed tariffs on additional Chinese goods.
The U.S. Treasury Department said in a statement that Secretary Steven Mnuchin had determined that China was manipulating its currency and as a result of this determination, Washington will now engage with the International Monetary Fund to eliminate the unfair competitive advantage that Beijing was accruing.
The onshore Chinese yuan was down about 0.1% at 7.0525 to the dollar. Losses on the yuan were contained after the Chinese central bank set its daily reference rate at 6.9683, stronger than what analysts had expected.
16 Oct 2019 05:36 PM
The Indian rupee ended higher against the dollar for the first time in three sessions, on custodian greenback inflows that eroded an early
16 Oct 2019 03:19 PM
Britain's currency weakened further on Wednesday while stocks in London extended their losses, following a report that talks to reach a Brexit deal with the European Union are near to collapse.
16 Oct 2019 11:58 AM
The yen is currently trading near 108.70 to a dollar, representing 0.15% gains on the day. The dollar has come under pressure, possibly due to the Sino-U.S. political friction and the haven demand for the anti-risk Yen.
16 Oct 2019 11:42 AM
Indian equity benchmarks moved higher on Wednesday, as investors looked towards a rise in September-quarter earnings for companies after the government's corporate tax cut, amid a rise in inflation and hopes of further rate cuts from the central bank
16 Oct 2019 11:31 AM
China's yuan fell against the dollar on Wednesday, erasing gains made following progress in Sino-U.S. trade talks and briefly falling past a key threshold, as a much weaker midpoint set by the central bank dented sentiment.
16 Oct 2019 10:57 AM
Gold traded lower on Tuesday as market participants awaited clarity on U.S.-China trade talks and as earnings season starts on a positive note. Gold for