The Indian rupee closed stronger on Tuesday against the US Dollar. The local currency strengthened 12 paise to close at Rs 87.08 against the greenback, according to Bloomberg. It had closed at 87.20 on Monday against the dollar.
"The Indian rupee, which fell to its lowest on Monday, is opening near 86.97 this morning after relief from Trump's tariffs overnight on reaching an agreement with Canada and Mexico," Anil Bhansali, executive director of Finrex Treasury Advisors LLP, said. "Premiums rose yesterday after RBI set the cut off for six months' swap higher than market expectations."
"The dollar index fell to 108.65 while the US 10-year yield rose to 4.5590%. GBP rose to 1.2422 as Trump said there were less chances of putting trade tariffs on UK," Bhansali added.
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