Rupee Closes Flat For Second Consecutive Session
The Indian rupee closed flat at 85.62 against the US dollar on Tuesday in comparison to its previous close of 85.63 on Monday. This comes amid various global and domestic economic factors influencing the currency markets.
The domestic currency opened flat at 85.62 against the US dollar on Tuesday. Rupee "remained range-bound between 86.45–86.65 ahead of US-China trade talks," said Ritesh Bhanshali, director, Mecklai Financial Service Ltd. He expects the Rupee to face resistance at 85.80 and 86.10 levels and key support lies at 85.30 and 84.80.
Additionally, the US dollar climbed to 99.2 as trade talks continued while risk appetite lifted equities and supported the euro.
Meanwhile, Japanese officials reiterated a commitment to supportive fiscal policy as markets awaited further clarity from the US-China negotiations, which are set to continue today with discussions focused on technology trade and rare earth elements—key areas of global supply chains.
On Tuesday, crude snapped its four day decline with Brent crude – the global benchmark for crude oil – rising 0.18% to $67.16 as trade talks between US and China extend for a second day following hints of progress. Brent was at its highest since April 28.
In the last two months crude prices tumbled to four-year low amid US President Donald Trump's tariff related announcements that triggered trade wars. While it may have recovered some of the losses, it still remains almost 9% lower this year as trade conflicts persist and OPEC+ has abandoned the earlier strategy of defending higher prices by curbing output.
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