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Indian rupee opens higher by 14 paise at 68.48 per dollar.


Date: 09-08-2018
Subject: Indian rupee opens higher by 14 paise at 68.48 per dollar
The Indian rupee gained in the early trade on Thursday. It has opened higher by 14 paise at 68.48 per dollar against previous close 68.62.

Rupee closed almost flat against the US dollar and traded with low volatility as most market participants have been following escalation of ongoing trade war between two major economies, said Motilal Oswal.

Yesterday, Chinese commerce ministry announced that it has decided to impose additional tariffs of 25% on USD 16 billion worth of US imports from fuel and steel products to autos and medical equipment.

The tariffs will be activated on August 23, the ministry said, the same day that the United States plans to begin collecting 25% extra in tariffs on USD 16 billion of Chinese goods. Dollar corrected against its major crosses after the announcement and that supported the rupee on lower levels. Today, USD-INR pair is expected to quote in the range of 68.40 and 68.95, it added.

Source: moneycontrol.com

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