INSUBCONTINENT EXCLUSIVE:
On Friday, the domestic unit had closed at 71.02 against the US dollar.The rupee declined by 21 paise to close at a three-week low of 71.23
against the US currency on Monday as investors rushed to safe haven bets on fading hopes of an initial trade deal between the US and
at 71.23 against the US dollar, down 21 paise over its previous close.On Friday, the domestic unit had closed at 71.02 against the US dollar
"Indian rupee opened higher but gave up all the gains and turned negative as the session progressed
Besides strength in the dollar index, foreign fund outflows also weighed on the Indian rupee," said V K Sharma, Head - PCG - Capital Market
said that the US had reached a "very substantial" Phase 1 trade deal with China
However, the announcement came with a rider that the agreement was still to be put on to the paper, which will take somewhere between three
talks before signing Trump's 'Phase One Deal'.On the domestic front, market participants were waiting for inflation number, which is
expected to come in a little higher in September compared to the previous month," Gaurang Somaiyaa, Forex - Bullion Analyst, Motilal Oswal
dollar-rupee has been trading in the range of 70.70 to 71.35 since starting of the October month
Looking at the weak economic data and foreign fund outflows, the rupee could depreciate further from here in the short term," Mr Sharma said
markets, the 30-share Sensex ended 87.39 points, or 0.23 per cent, higher at 38,214.47
It hit an intra-day high of 38,513.69 and a low of 38,066.13
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