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Rupee closes at 11-week high after US set to delay more tariffs on China

BusinessToday.In     June 26, 2019

The Indian rupee closed at 11-week high against the US dollar for the third session today on the hopes of a trade deal between the US and China.

This is the third consecutive session of rise for the domestic currency.

The rupee closed at 69.16 a dollar -- a level last seen on April 11, 0.28% gain from its previous close of 69.35. The Indian currency had opened at 69.41 a dollar and touched an intra day high of 69.09.

The US is willing to suspend the next round of tariffs on an additional $300 billion of Chinese imports while Beijing and Washington prepare to resume trade negotiations, reported Bloomberg.

The decision, which is still under consideration, may be announced after a meeting between Presidents Donald Trump and Xi Jinping set for Saturday at a Group of 20 summit in Japan. A broad outline of the Trump-Xi agenda was discussed in a phone call Monday between U.S. Trade Representative Robert Lighthizer, and his counterpart in Beijing, Vice Premier Liu He, the Bloomberg report said.

On Tuesday, rupee pared initial gains and ended almost flat at 69.36 against the US dollar as simmering geopolitical tensions in the Middle East dampened forex market sentiment.

At the interbank foreign exchange (forex) market, the domestic currency opened at 69.32 a dollar and touched a low of 69.40 and high of 69.22 during the day. The local unit closed at 69.36 against the American currency, down 1 paisa over its previous close.

Edited by Aseem Thapliyal

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