INR surges to 3-week high on US-India trade deal

The Indian rupee surged to a three-week high and climbed over 1% on Tuesday, emerging as the best-performing Asian currency. INR registering a gain of 122 paise or 1.33 per cent in a single trading session to settle at 90.27 (provisional) against the US dollar, after India and the US agreed to a trade deal. India and the US agreed to a trade deal under which Washington will bring down reciprocal tariff on Indian goods to 18 per cent from current 25 per cent, US President Donald Trump said on Monday after a phone conversation with Prime Minister Narendra Modi. Domestic indices also surged by over 2.5 per cent, boosting domestic market sentiments. Further, weakness in crude oil prices and expected foreign inflows also favoured investor sentiment. The benchmark BSE Sensex surged 2,072.67 points, or 2.54 percent, to 83,739.13, while the broader NSE Nifty index soared 639.15 points, or 2.55 percent, to 25,727.55.

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