Rupee Closes Stronger Against Dollar
This gain follows an earlier opening at 85.97, which was 2 paise stronger than the previous day.
The Indian rupee appreciated by 18 paise against the US dollar, closing at 85.81 on Tuesday.
This gain follows an earlier opening at 85.97, which was 2 paise stronger than the previous day.
The local currency had come under pressure on Monday due to foreign fund outflows and the lack of progress in the India-US trade deal, according to forex traders.
In the United States, market participants geared up for the release of earnings reports from major banks and key inflation data. Corporate America is bracing for its weakest earnings season since mid-2023, but lower estimates might make it easier for companies to exceed expectations.
Meanwhile, an Indian commerce ministry delegation arrived in Washington for another round of discussions on the proposed bilateral trade agreement. The talks, scheduled to last four days, will begin on Monday and conclude on Thursday, according to an official statement.
On the domestic front, wholesale price inflation turned negative for the first time in 19 months, declining by 0.13% in June. This decrease was driven by deflation in food articles and fuel, along with a reduction in the costs of manufactured products.
