The Indian rupee rose to a one-week high against the dollar, as foreign banks’ greenback sales and strong local equities outweighed the uncertainty over a long-awaited U.S.-China trade deal. The currency settled at 71.71 to a dollar, its highest since Nov. 11, against 71.84 at previous close. The rupee opened at 71.91 and fell to the day’s low of 72.01, before rising to the day’s high of 71.68 in late trade. Broad market traders are nervous as the date of another round of U.S. tariffs on Chinese goods is nearing, and so far there has not been any concrete development on the trade talks. The Indian rupee began trading on a negative note today following mixed reports about the prospects of a trade deal between the United States and China.
The U.S. government yesterday issued a new 90-day extension allowing U.S. companies to continue doing business with Huawei Technologies. However, CNBC reported quoting a Chinese government source that the mood in Beijing about a trade deal was pessimistic due to U.S. President Donald Trump’s reluctance to roll back tariffs.
Asian equities settled mixed. The Hang Seng index rose 1.5% while the Straits Times Index shed 0.6%. India’s benchmark BSE Sensex closed near a two-week high, rising 0.5% today. Foreign investors have bought about $2 billion of local bonds and shares this month.The dollar index was steady after falling for the third day yesterday. Market participants await the minutes of the Federal Reserve’s October policy, due to be released tomorrow. The Fed had cut policy rates for the third consecutive time in its last meeting.
12 Dec 2019 05:30 PM
The Indian rupee was little changed against the dollar, as a likely intervention by the central bank offset corporate and equity inflows. The rupee settled at 70.83 to the dollar in Mumbai, against its previous close of 70.84. The unit traded in a 70
12 Dec 2019 04:00 PM
Indian shares ended higher on Thursday as the government's move to ease rules for shadow banks lifted investor sentiment, with banking, metals and finance stocks leading the gains. The NSE Nifty 50 index ended 0.52% higher at 11,971.80 and the S&P BS
12 Dec 2019 03:11 PM
Fresh polls indicating a Conservative Party majority is uncertain came in yesterday, leading to fresh Sterling (GBP) jitters and knocking the Pound to Euro (GBP/EUR) exchange rate further away from its best levels.
12 Dec 2019 12:34 PM
“Having appreciated since August, the past month or so has seen USD/JPY flatten out, with moves mirroring price action in the US 10 year bond. From JPY108.5 currently, we foresee the cross falling to a low of JPY105 in the second half of 2020 after t
12 Dec 2019 11:27 AM
Net foreign inflows into China's giant bond market jumped nearly five-fold in November from a month earlier, as yield-hungry global investors snapped up nearly $10 billion worth of Chinese debt as the yuan stabilized against the dollar. China's $13 t
12 Dec 2019 10:48 AM
The Indian rupee was trading higher against the U.S. currency in early session, amid a broad decline in the dollar after the Federal Reserve Chair Jerome Powell tied interest rate hikes to inflation. The rupee was at 70.69 to the dollar at 10:05 a.m.