After tepid growth in last few months, apparel industry is expecting revival in exports on account of festive, spring and summer orders in the West.

The Indian rupee declined in the early trade on November 8. It opened lower by 34 paise at 71.30 per dollar versus previous close 70.96.

On November 7, the rupee ended flat at 70.96 after it pared its initial losses against the US dollar after the US-China trade deal hopes enthused investor sentiments.

Sustained foreign fund inflows supported the local currency though the gains were capped by hardening crude oil prices.

The dollar-rupee November contract on the NSE was at 71.04 in the previous session. Open interest increased 7.67% in the previous session, said ICICIdirect.

We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.

Gold prices on Friday hovered near a one-month low hit in the previous session after China and the United States agreed to roll back tariffs as part of the first phase of a trade deal, stoking investors towards riskier assets

US crude oil futures fell in the morning trade amid fading hopes that a deal to end the lingering trade war between Washington and Beijing would be signed any time soon, the gloom compounded by rising crude inventories in the United States

The dollar held on to its gains versus the yen and the Swiss franc as a China-US agreement to roll back tariffs on each others’ goods supported riskier assets, even as some reports suggest a preliminary trade pact is far from a done deal.

Published On : 08-11-2019

Source : Money Control