The Indian Rupee opened lower on Monday morning for the sixth consecutive session after US and China ended their two days trade negotiations in Washington on Friday. The world’s largest economies could not iron come to any conclusion last week. The Indian Rupee open at 70.05 per dollar as against previous close at 69.94 per dollar.
“Spot INR likely to trade in a relatively higher range between 69.70-70.20 with an upward bias as the trade war deadlock persists between US & China,” Amit Sajeja, Associate Vice President, Motilal Oswal, told Financial Express Online.
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The US hiked trade tariffs on Chinese goods of worth $200 dollars after China backtracked on its earlier commitments made for the trade deal. According to experts, the rupee may continue to remain under pressure due to higher crude oil prices and global tensions.
After ending their two-days negotiation in Washington, the world’s two economic giants US and China are likely to meet next month to settle their differences with regard to trade deal. According to reports, the US President Donald Trump and China’s Xi Jinping can meet in June on the sidelines of the G20 summit but as of now, no fresh talks have been scheduled.
Today, the Indian headline indices Sensex and Nifty opened lower in view of global uncertainties. The SGX Nifty ended at a level of 11,255, down 28.50 from the last close. Today, while the Sensex is trading at 37,431.55 level, down 31.44 points from the previous close, the Nifty 50 is also trading lower at 11,270.30 points, down 8.60 points from the last close.