Rupee falls 11 paise to 70.93 amid steady rise in oil prices, dollar demand; pares early gains despite Sino-US trade deal
At the interbank foreign exchange market, the rupee opened on a strong note at 70.80 a dollar.
At the interbank foreign exchange market, the domestic currency opened on a strong note at 70.80 a dollar
During the day it lost momentum and touched a low of 70.98 against the American currency
Forex traders said the rupee pared its early gains despite the US-China signing the phase-1 trade deal
Mumbai: The rupee pared early gains and settled lower by 11 paise at 70.93 against the US dollar on Thursday amid steady rise in crude oil prices and dollar demand from importers.
— CNBC-TV18 (@CNBCTV18Live) January 16, 2020
At the interbank foreign exchange market, the domestic currency opened on a strong note at 70.80 a dollar. But during the day it lost momentum and touched a low of 70.98 against the American currency.
The rupee finally settled the day at 70.93, showing a fall of 11 paise over its previous close.
Forex traders said the rupee pared its early gains despite the US-China signing the phase-1 trade deal, as huge uncertainty still remains, which might make it difficult for China and the US to reach a comprehensive trade deal.
The United States on Wednesday signed the first phase of a trade deal with China, which President Donald Trump described as historic, concluding more than a year of tough negotiations between the two largest economies of the world.
"Indian rupee erased early morning gains and last quoted at 70.93 with loss of 11 paise as dollar buying seen by banks on behalf of the importers," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.
Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply
External Affairs Minister S Jaishankar, who is in Male on a two-day visit, tweeted that the agreement "underscores the importance of connectivity in our Maldives partnership"
These women are part of a new generation of talented Iraqi women who are testing the limits imposed by their conservative communities.
The Customs, which is probing the case, told the Kerala HC that main accused Swapna Suresh has made 'shocking revelations' against Vijayan and Assembly Speaker P Sreeramakrishnan