The Indian rupee has recovered marginally from the lower level but trading lower by 8 paise at 69.23 per dollar versus previous close 69.15.

On June 26 the Indian rupee rose 21 paise to finish the day at 69.15 against the US dollar in line with uptrend seen in the domestic equity market.

Rupee rose against the US dollar after US Trade secretary said that the US and China were close to a trade deal, and he’s optimistic that progress can be made during weekend talks between President Donald Trump and China’s Xi Jinping. His quote said, “We were about 90% of the way there [with a deal] and I think there’s a path to complete this, “but did not provide any detail on the remaining 10% of the agreement. 

In the next couple of days volatility for rupee as well as major crosses could be confined to a narrow range ahead of the important final GDP number that will be released from the US and the G20 meeting that is scheduled this weekend. Today, USD-INR pair is expected to quote in the range of 69.20 and 69.90.

Published On : 27-06-2019

Source : Money Control

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