Pressure on the current govt remains intense to woo more than 900 million eligible people set to cast their votes in the world's biggest democratic exercise
Forex traders said investor sentiment was supported by a sharp fall in bond yields and the continued infusion of liquidity by the RBI by way of open market operation
The rupee recovered by 8 paise to close at 70.79 against the US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices. Forex traders said the rupee's rise was supported by dollar-selling by exporters and banks after the Chinese foreign ministry announced a mutually beneficiary agreement with the US. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.91 and lost further ground to hit a low of 71.02 on a stronger dollar, strengthening US yields and worries about escalation in US-China trade war. The local unit, however, pared the initial losses and finally settled the day on a higher note at 70.79 to the US dollar, up 8 paise. "The rupee recovered sharply from the day's low in the second half after Chinese Foreign Ministry spoke of mutual beneficiary agreement between US President Donald Trump and his Chinese counterpart," V K Sharma, Head PCG & Capital Markets Group, HDFC Securities, explained. The rupee Monday
Traders said increased selling of the greenback by exporters and banks also supported the rupee
Following market mayhem and rupee plunge after the Fed 'taper tantrum' in summer of 2013, RBI had mobilised $25 bn from NRIs
Unabated capital outflows by foreign funds and heavy selling in domestic equities dampened the sentiment
The rupee and Indonesia's rupiah are the worst currencies in Asia this year, weighed by concerns over fiscal deficits and inflation
The Indian rupee also came under pressure following a heaving selling in domestic equities
Forex dealers said besides strong demand for the American currency from importers, concerns over rising fiscal deficit and capital outflows weighed on the domestic currency
Ongoing global trade war concerns and surging global crude prices caused some discomfort for the rupee and restricted the gains
Trade war concerns continued to spook the Indian currency on Tuesday
The rupee could again come under pressure once the new US sanctions on Iran comes into force, the source said
On Tuesday, the rupee dropped by 8 paise to close at 68.94 against the US currency
The Indian currency gained further ground even as the US dollar was strong in global markets amid trade war concerns between the US and China
The rupee's depreciation has been steep, making it one of the worst performing currencies amongst emerging markets
Many of them are at multi-month record levels and can potentially hurt India's prospects, both at the economy level and for its markets
Global crude prices surged to near $70 a barrel, extending its overnight strong gains, as investors grew more optimistic that a trade dispute between the United States and China may be resolved
Most Asian currencies were trading higher after signs that the United States can reach an agreement with China over trade tariffs
Foreign investors seemed to be interested in Indian capital markets in a big way as they infused a whopping Rs 87 bn this month
The Indian rupee has strengthened by 55 paise since the start of 2018