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As on Jun 26, 2019 12:00 AM Your results on : Mid Session    
Indian Rupee: Pare Early Weakness On Positive Local Stocks
26-Jun-2019 (11:10)

The Indian rupee commenced weak against the dollar in early trades on Wednesday, 26 June 2019 amid simmering geopolitical tensions in the Middle East and higher crude oil prices. Strengthening of the American currency in the overseas market also weighed on the local unit. However, foreign fund inflows and strong opening in domestic equities supported the domestic currency. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,157.87 crore Tuesday, as per provisional data.

Investors remain cautious amid rising tensions between the US and Iran. On the global front, the trade concerns between the US and China, and rising US-Iran tensions are poised to dominate a high-stakes G20 summit from Friday.

The domestic currency opened at Rs 69.41 against the dollar and registered an intra-day high and low of 69.35 and 69.48 respectively so far during the day. In the spot currency market, the Indian unit was last seen trading at 69.35. The rupee had settled at 69.36 against the US dollar on Tuesday.

Domestic benchmark indices pared gains after hitting fresh intraday high in morning trade. The Nifty moved above 11,800 mark in morning trade. At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 108.98 points or 0.28% at 39,543.92. The Nifty 50 index was up 27.40 points or 0.23% at 11,823.85.

Overseas, most Asian stocks were trading lower on Wednesday after US Federal Reserve officials tempered expectations in the markets for aggressive monetary easing. US stocks slid lower Tuesday after Federal Reserve Chairman Jerome Powell said the central banks was still monitoring the economy for signs of weakness and would seek to avoid a knee-jerk reaction in terms of cutting benchmark interest rates.

Fed Chair Jerome Powell noted the Fed will take a wait-and-see approach given how rapid recent economic changes have been. Powell on Tuesday also said the central bank is insulated from short-term political pressures, pushing back against US President Donald Trump's demand for a significant rate cut. Meanwhile, investors looked toward developments on the US-China trade front, with presidents Donald Trump and Xi Jinping set to meet at the G-20 summit later this week. Investors are also watching the Middle East, with continuing tensions between the US and Iran. Iran said Trump's decision Monday to impose additional sanctions on Iran had closed the door to diplomatic negotiations.

Meanwhile, the US dollar rose on Wednesday in Asia. U.S. Federal Reserve chairman Jerome Powell's comments were in focus as he said the central bank is “insulated” from political pressures. The U.S. dollar index gained 0.2% to 95.808.

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