The rupee appreciated by 9 paise to 71.05 against the US dollar in early trade on Monday, tracking gains in domestic equities and indication of a revival in trade talks between the US and China.
Forex traders said positive opening in domestic equity market and Donald Trump's chief economic advisor comments that the US and China are seeking to revive trade talks supported the rupee.
If teleconferences between both sides' deputies pan out in the next 10 days "and we can have a substantive renewal of negotiations," Larry Kudlow said on Fox News Sunday. He further added that "then we are planning to have China come to the USA and meet with our principals to continue the negotiations."
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