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Indian Rupee: Pares Early Day Losses Amid Positive Local Equities
20-Nov-2019 (11:25)

The Indian rupee fell further against the dollar in early trades on Wednesday, 20 November 2019 alongside other regional peers as US-China trade deal concerns weighed on the investor community. If we don't make a deal with China, I'll just raise the tariffs even higher, Donald Trump reportedly said. Moreover, sustained foreign fund outflows and strengthening of the American currency vis-a-vis other currencies overseas dragged down the local unit. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 915.37 crore on Tuesday, as per provisional data. However, positive opening in domestic equities and easing crude oil prices supported the domestic unit.

The domestic currency opened at Rs 71.80 against the dollar but recovered to a high of 71.68 so far during the day. In the spot currency market, the Indian unit was last seen trading at 71.70. The rupee had settled at 71.71 against the US dollar on Tuesday.

Domestic stocks were trading higher in early trade on buying demand in index pivotals. Shares of index heavyweight Reliance Industries surged. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 174.36 points or 0.43% at 40,644.06. The Nifty 50 index was up 53.75 points or 0.45% at 1,993.85. The Nifty was currently trading below the psychological 12,000 level after hitting day's high above that level in early trade.

Overseas, Asian stocks were trading lower in the absence of progress in US-China trade talks. U.S. stocks closed mostly lower Tuesday, with the Dow and S&P 500 retreating from records, on disappointing earnings results and doubts about a U.S. - China trade deal. The Nasdaq, however, notched a record finish on the strength of technology shares. The United States would raise tariffs on Chinese imports if no deal is reached with Beijing to end a trade war, U.S. President Donald Trump reportedly said on Tuesday, threatening an escalation of the spat that has damaged economic growth worldwide.

Meanwhile, the dollar and the safe-haven yen edged higher on Wednesday, but not much, as a lack of clarity on U.S.-China trade talks kept investors cautious. The dollar was marginally higher against the euro at $1.1074 and a fraction stronger against a basket of currencies (DXY) at 97.889.

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