The Indian rupee opened 2 paise stronger against the US dollar at 85.97 on Tuesday. The gain follows the local currency coming 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 are preparing for the release of earnings reports from major banks and key inflation data. Corporate America is anticipating its weakest earnings season since mid-2023, but lower estimates might make it easier for companies to surpass expectations.
The Bloomberg Dollar Spot Index remained relatively stable, reflecting a broader trend of minimal movement in major currencies. The euro held steady at $1.1674, the Japanese yen was unchanged at 147.67 per dollar, and the offshore yuan remained at 7.1719 per dollar.
Meanwhile, an Indian commerce ministry delegation has arrived in Washington for another round of discussions on the proposed bilateral trade agreement (BTA). 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 (WPI) turned negative for the first time in 19 months, declining by 0.13 percent in June. This decrease was driven by deflation in food articles and fuel, along with a reduction in the costs of manufactured products.
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