Prices of the Indian Rupee ended the same as Friday’s rate against the US Dollar, rising slightly by just one paise to 85.63 on Monday. Even with small changes in the global markets due to the impending trade talks, the local currency’s value remained mostly steady. Almost no movement was seen in emerging market currencies as many participants were cautious.
So far, the Rupee has seen a small downturn this month, but most other Asian currencies have risen slightly. Uncertainty about global trade and hesitation among investors before important geopolitical talks are said to be the reasons behind the Rupee’s slow performance.
Besides, the US Dollar index went down by 0.35%, with the index recording 98.83. The greenback is falling because people feel positive about the upcoming discussions between the world’s biggest economies on trade. Authorities in China have allowed a batch of rare-earth products to be delivered to the US, which rather suggests they are approaching with a less confrontational approach before discussions. This action has encouraged some people to believe that a positive change may take place in trade disputes that have lasted for some time.
Even though the US jobs market showed strength last week, there has been a decrease in expectations of a rate cut by the Fed. According to the Fed, a decrease in interest rates around or before September now has a 60% probability, instead of the previous near-80% prediction. Investors are changing their approaches in light of the most recent changes in the economy.
Prices for crude oil did not show much change in the commodities market. Until 3:30 PM IST, Brent crude stood at $66.51 a barrel after a slight increase, and WTI crude was steady at $64.58 as traders keep an eye on the result of the trade talks for any change in demand across the world.
Join our whatsapp group for the Latest updates
Click Here for Chhattisgarh News
Click Here for Entertainment News