Press "Enter" to skip to content

Rupee Gives Up Early Gains To Drop To 70.92 Against Dollar: 10 Points

Rupee Vs Dollar Rate: The rupee has appreciated 0.76% against the US dollar so far this year

  1. The US signed Phase 1 of the trade deal with China on Wednesday, which includes Intellection Property (IP) Protection and Enforcement, ending forced technology transfer, dramatic expansion of American agriculture, removing barriers to American financial services, ending currency manipulation.
  2. The first phase of the US-China trade deal rebalances the trade relationship between the two largest economies and effective dispute resolution.
  3. The agreement was signed by US President Trump and Chinese Vice Premier Liu He, Politburo Member and Vice Premier of the People’s Republic of China. Mr Trump described the deal as historic, concluding more than a year of tough negotiations between the two sides.
  4. Analysts say the rupee is likely to post some recovery in the near term as the dollar weakens amid disappointing US data. 
  5. A slew of disappointing data from the US has bolstered expectations that the Federal Reserve would keep rates on hold for a prolonged period, according to IFA Global, a forex advisory firm.
  6. Meanwhile, domestic equity markets turned flat in afternoon deals after benchmark indices S&P BSE Sensex and NSE Nifty clocked all-time highs, tracking mild gains in Asian peers.
  7. The dollar index – which gauges the US dollar against six peers overseas – edged lower on Thursday before turning flat.
  8. Foreign institutional investors remained net buyers in the Indian capital markets, bringing in Rs 279.53 crore on Wednesday, provisional data from the NSE showed.
  9. Crude oil prices rose after the first phase of the US-China trade deal set the stage for a surge in Chinese purchases of American energy products.
  10. Brent crude futures – the global benchmark for crude oil – were last up 0.7 per cent at $64.45 a barrel.

Source: NDTV Profit