Forex News: Indian Rupee Rises On Trade-deal Hopes

Indian Rupee Rises On Trade-deal Hopes

(RTTNews) - The Indian rupee strengthened against the U.S. dollar in the European session on Wednesday, as investor mood was bolstered by trade-deal prospects and foreign fund inflows.

U.S. President Donald Trump said he believes the U.S. will have a deal with India on trade.

In order to achieve a "early mutual win" before completing the first phase of the proposed bilateral trade deal by the end of this year, India and the U.S. are looking at possibilities for an interim trade arrangement in goods.

In the meantime, the U.S. has urged both India and Pakistan "not to escalate" the war in light of growing tensions between the two nations.

Prime Minister Modi will chair a series of meetings today to review security preparedness in the wake of the April 22 Pahalgam terror attack.

Against the U.S. dollar, the rupee rose to more than a 5-month high of 84.428 from an early low of 85.261. At yesterday's close, the rupee was trading at 85.155 against the greenback.

If the rupee extends its uptrend, it is likely to find resistance around the 82.00 region.

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