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.
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