INR extends sharp rebound near 3-week high

The Indian rupee extends sharp rebound witnessed in the previous session amid positive cues from local equities and as FIIs return to Indian markets. INR surged to a three-week high and climbed over 1% on Tuesday, emerging as the best-performing Asian currency after India and the US agreed to a trade deal. Today morning, rupee opened at Rs 90.35 per dollar and dipped to a low of 90.54 so far during the day. 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. Yesterday, INR registered a gain of 122 paise or 1.33 per cent in a single trading session to settle at 90.27 against the US dollar.

 

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