Rupee Closes Stronger Against US Dollar 

Rupee closed two paise stronger against US Dollar at 85.68. It closed at 85.70 a dollar on Tuesday.

Trump announced that Wednesday morning will bring announcements for seven countries having to deal with trade tariffs. US and Japan have failed to announce a deal despite multiple rounds of meetings. Meanwhile, an India and US deal which was to be announced overnight is still not on the boards, though Trump said it is almost finalised and would be announced soon.

"The rupee had gained on expectations of an announcement of the US-India mini trade deal but none came through overnight," according to Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP.

The dollar gained against yen to 146.91 for a third day as President Trump's proclamation of more trade related announcements after the 25% tariffs announced on Japan and South Korea.

The Brent oil prices reached a two-week high at $70.15 per barrel driven by supply concerns from fresh Houthi attacks on Red Sea shipping lanes. However, the prices fell slightly to $70 as the American Petroleum Institute reported an unexpected rise in crude oil inventories with a build up of 7.1 million barrels, according to Bhansali. The data indicated a weakening demand and potential oversupply challenges in the US market.