Rupee trades marginally higher as US, China announce an initial trade deal

The Indian rupee opened marginally higher on Thursday as US and China announced an initial trade deal on Wednesday that will roll back some tariffs and boost Chinese purchases of US goods and services, defusing an 18-month conflict between the world’s two largest economies, Reuters reported. At 10.15 AM, the rupee was trading at 70.78 against US dollar, up 0.04 points or 0.05 per cent. “The rupee is trading in a narrow range. A trade deal between the US and China is positive for the rupee.  Further strong sentiment in the domestic equities market may provide support to the rupee,” Rushabh Maru, Research Analyst – Currency and Commodity, Anand Rathi Shares and Stock Brokers said. Earlier at open, the rupee was at 70.80 a dollar, up 2 paise from Wednesday’s close of 70.82. On a year to date (YTD) basis, the Indian rupee has weakened 0.84 per cent.

Equity benchmark indices were trading at their lifetime highs in the early trade on Thursday. S&P BSE Sensex scaled the 42,000-mark was trading 139 points or 0.33 per cent higher at 42,012 points, while broader Nifty 50 index also scaled fresh high after breaching through the previous record of 12,374.3, up 34 points, or 0.27 per cent. S&P BSE Sensex hit its all-time high of 42,059 and Nifty 50 touched 12,389 points in the early trade.

Oil prices rose on Thursday after the signing of an initial Sino-U.S. trade deal that sets the stage for a surge in Chinese purchases of American energy products, while U.S. crude inventories fell more than expected, as per the Reuters news report. Brent was 45 cents, or 0.7 per cent, higher at 64.45 dollar a barrel, while US crude was up by 39 cents, or 0.7 per cent, at 58.20 dollar a barrel.

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