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Rupee ends flat for second straight session as US-China trade talks linger
The Indian Rupee posted marginal gains for the second day on Tuesday, with investors eyeing for developments in the trade talks between the US and China.
The domestic currency appreciated 1 paise to end at 85.62 against the greenback, after closing at 85.63 on Monday, according to Bloomberg. The currency pared some initial gains it made amid a firm dollar.
The dollar remained on the higher side as the US-China trade talks entered the second day in London. Although the first day yielded no breakthroughs, US President Donald Trump said he's receiving 'good reports,' while noting that 'China's not easy.' The index, which measures the greenback against a basket of six major currencies, was up 0.17 per cent at 99.10.
The rupee traded flat to positive as last week's rate offset pressure from rising crude oil prices over the past week, according to Jateen Trivedi, VP Research Analyst - commodity and currency at LKP Securities. "The US CPI data due this week will be a key driver for the dollar index, with the rupee expected to remain range-bound between 85.25 and 86.00."
The Reserve Bank of India (RBI) made a larger-than-expected 50-basis-point interest rate cut on Friday. The central bank also slashed the cash reserve ratio (CRR) by 100 basis points to 3 per cent.
The local unit is likely to lag most of its Asian peers in a softer dollar environment, weighed down by the country's external investment deficit, according to Reuters. Singapore dollar, Korean won, and Taiwan dollar have surged 6 per cent to 9.5 per cent this year, the rupee is nearly flat, it said.
Analysts at Nomura see limited support for the currency from a macro perspective due to continued downside growth challenges ahead, along with RBI rate cuts. "Overall, we still expect INR to underperform, and today's actions and the policy/macro outlook do not change this view."
Crude oil prices advanced on Tuesday as investors remained on edge with the US-China trade talks extending to the second day. Brent crude price was up 0.16 per cent to $67.15 per barrel, while WTI crude prices were up 0.15 per cent at 65.39, as of 3:35 PM IST.
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