INSUBCONTINENT EXCLUSIVE:
INR vs USD: The rupee gained as much as 29 paise on Tuesday but could not sustain those levelsThe rupee (INR) closed nearly unchanged at
69.81 against the US dollar (USD) on Tuesday
That marked only a marginal recovery against the greenback, a day after the rupee posted its biggest single-day gain in seven weeks
The rupee has bounced back a total of 34 paise against the American currency so far this week
Last Friday, the rupee had registered its all-time closing low of 7.15 against the US dollar
At 69.81, the rupee is 0.5 per cent away from that level.Here are five things to know:1
The rupee had opened higher at 69.69 and logged further gains during Tuesday's session to touch 69.53
However, it could not sustain those advances
Fag-end demand for the greenback from importers amid lacklustre movement in the stock markets capped the upside.2
Analysts expect the rupee to move sideways in the very short term
"The recent dip in the rupee was more to do with the strengthening of the USD due to money moving out to the dollar as safe haven, than any
particular trigger on the Indian economic indicators," Salil Datar, CEO and executive director, Essel Finance VKC Forex, told
TheIndianSubcontinent."However, on the whole, other thing being equal, at the current levels, we expect the rupee to continue to be range
Prospects of price support from US sanctions on Iran supported the crude oil price, although the trade dispute between Washington and
Beijing kept traders and analysts cautious.5
The dollar edged lower after US President Donald Trump criticised Federal Reserve Chairman Jerome Powell for raising interest rates coupled
with fading safe-haven demand, ahead of the anticipated US-China trade talks
Mr Trump said the US central bank should do more to help him boost the economy.(With agency inputs)
