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Rupee rises 8 paise to 70.78 against dollar in early trade

Tue Jan 14 2020

 

The rupee appreciated by 8 paise to 70.78 against the US dollar in early trade on Tuesday as sign of easing tensions between the US and China strengthened investor sentiments.

 

The United States on Monday removed the currency manipulator label it imposed on China last summer and forex traders believe it as a sign of easing tensions between the two economic powers after nearly two years of conflict.

 

The US Treasury in its semi-annual report to Congress said that the yuan has strengthened and Beijing is no longer considered a currency manipulator, just days before US President Donald Trump is set to sign a “phase one” trade agreement with China.

 

At the interbank foreign exchange the rupee opened at 70.78 against the US dollar, registering a rise of 8 paise over its previous close.

 

On Monday, rupee had settled for the day at 70.86 against the US dollar.

 

Traders said the appreciation in the rupee was largely on the back of positive global cues.

 

Source: Hindu business line.

 

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