Indian rupee sticks to losing run as outflows, tariff worries sustain pressure
Indian rupee
weakened for a fifth straight session on Tuesday, pressured by likely outflows from domestic equities and growing concerns over an imminent deadline to secure
trade deals
with the United States.
The rupee closed at 86.3675 against the
U.S. dollar
, down 0.1% on the day.
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Undo
The rupee has fallen around 0.6% over its five-day losing streak, weighed by a modest rebound in the dollar index,
foreign portfolio outflows
, and concerns over the
economic fallout
from U.S. President Donald Trump's ongoing
trade war
.
Equity markets in Asia and Europe were mostly lower on Tuesday, while Wall Street futures were flat after the S&P 500 and Nasdaq hit record highs in the previous session.
Regional currencies were trading mixed and India's benchmark equity indexes, the
BSE Sensex
and
Nifty 50
closed a tad lower.
Live Events
While markets have shown a relatively muted reaction to the latest trade salvos from the White House in July, analysts said the complacency may start to fade as the deadline for trade deals draws closer.
"Markets' defiant approach to tariff news will be tested in the coming days as the risk of no trade deals before the 1 August deadline rises," ING said in a note.
The prospects of an interim trade deal between India and the United States before the deadline have dimmed, as talks remain deadlocked over tariff cuts on key agricultural and dairy products, Reuters reported earlier on Tuesday.
In the absence of a trade deal, Indian exports would be subject to a 26% tariff.
The European Union, meanwhile, is preparing possible countermeasures against the U.S. as prospects for an acceptable trade agreement fade, per EU diplomats.
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