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Rupee settles 6 paise higher at 68.79 vs USD ahead of Fed meet outcome.


Date: 01-08-2019
Subject: Rupee settles 6 paise higher at 68.79 vs USD ahead of Fed meet outcome
The rupee recovered from early lows to settle higher by 6 paise at 68.79 against the US dollar on Wednesday amid uncertainty ahead of the outocme of US Federal Reserve meeting. Forex traders said the rupee is trading in a narrow range as market participants are awaiting cues from the outcome of the Federal Open Market Committee (FOMC) meeting later on Wednesday.

At the interbank foreign exchange (forex), the domestic currency witnessed heavy volatility. The local unit opened lower at 68.89 a dollar and touched a low of 68.94 later.

The rupee made a recovery later in line with gains in equity markets and touched a day's high of 68.76 to US dollar.

The local unit finally closed at 68.79 against the American currency, registering a rise of 6 paise over its previous close of 68.85.

Traders said market participants were trading a cautious path as the US-China trade talks ended without a breakthrough.

The 12th round of talks between top trade officials of the two countries ended without a breakthrough in Shanghai after US President Donald Trump's twitter tirade against Beijing.

"My team is negotiating with them now, but they always change the deal in the end to their benefit," Trump tweeted.

Source: moneycontrol.com


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