Rupee Opens Stronger Against US Dollar After Trump Delays Tariffs
The local currency strengthened by 16 paise to open at Rs 87.03 against the greenback.
The Indian Rupee opened stronger on Tuesday against the US Dollar. The local currency strengthened by 16 paise to open at Rs 87.03 against the greenback, according to Bloomberg. The rupee had closed at 87.19 on Monday against the dollar.
"Indian rupee which fell to its lowest yesterday is opening near 86.97 this morning after relief from Trump's tariffs overnight on reaching an agreement with Canada and Mexico. The range for the day is expected between 86.80 and 87.20 for the day with dips to be bought. Premiums rose yesterday after RBI set the cut off for 6 months' swap higher than market expectations," said Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP.
"The US president Mr Donald Trump delayed imposing tariffs on Mexico and Canada by at least 30 days giving them time to work together on putting troops on the border to avoid infiltration into US. The dollar index fell to 108.65 while 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," added Bhansali.
US Dollar Index stood at 108.6570 and was 0.31% down. Brent crude oil was at $75.980.00 and was down 1.26%.
