The Indian rupee ended marginally higher below 65-level against the US dollar on Tuesday after rising as much as 14 paise during the day as crude oil breached the $70 per barrel mark in the evening counters today.
The Indian rupee ended marginally higher below 65-level against the US dollar on Tuesday after rising as much as 14 paise during the day as crude oil breached the $70 per barrel mark in the evening counters today. The rupee has been on a cyclical trend since the last one-and-half-month hovering between the range of 64.7 and 65.3 against the US dollar. The domestic currency depreciated heavily against the US dollar after the Union Finance Minister Arun Jaitley brought the LTCG on equity under the tax bracket of 10% in the Budget 2018. The rupee has lost more than 150 paise from a level of 63.59 (31 January 2018) to a level of around 65.
- The rupee gained 3 paise to end at 64.99 against the US dollar at the interbank foreign exchange market on Tuesday. During the day, the rupee shuttled between 64.88 and 65.3 against the US currency.
- The Reserve Bank of India has fixed a reference rate of the rupee at 64.9368 against the US dollar on Tuesday.
- The US dollar inched up against the Japanese yen on Tuesday after Chinese President Xi Jinping’s promise to cut import tariffs eased concerns about a trade conflict and revived risk appetite, with Asian currencies hit hard in recent weeks also recovering, Reuters said in a report. The US dollar gained 0.3% to 107.100 yen.
- Meanwhile, Crude oil breached the $70 a barrel on Tuesday as investors grew more optimistic that a trade dispute between the United States and China may be resolved without greater damage to the global economy, Reuters reported. Brent crude went up 2.27% at $70.21 a barrel whereas West Texas Intermediate crude added 2.22% to $64.83 per barrel on Tuesday.
- Indian equities extended gains for the fourth consecutive day as trade-war fears between US and China seemed to have decreased with BSE Sensex adding 91.71 points or 0.27% to close at 33,880.25 and NSE Nifty soaring 22.9 points or 0.22% to settle at 10,402.25 on Tuesday.
- Earlier yesterday, the rupee ended 5 paise lower at 65.02 against the US currency as demand for US dollar increased.