Rupee extends losses; trade at day's low after RBI cuts repo rate

Rupee at day’s high, trades at 70.09 per dollar

Business News

The Indian rupee is trading near day’s high at 70.09 per dollar on Thursday.

It gained 25 paise versus previous close 70.34 per dollar.

On May 15 the rupee ended 10 paise marking the second straight session of gain driven by easing crude prices.

Rupee rose after remaining under pressure in the last few sessions following ease in trade war tensions between US and China. In the last couple of weeks trade war concerns between the two major economies has kept most market participants on the edge and volatility has been high across the board, said Motilal Oswal.

Yesterday for the second successive session US markets rebounded as tensions between the two eased-off. There were also reports that US president could hold off on imposing tariffs on imported cars and parts.

On the domestic front, data showed India’s trade deficit widened to a five-month high in April due to rise in crude oil imports coupled with muted growth in export. Trade deficit widened to $15.33billion compared to deficit USD 10.89 billion in last month.

Today, USD-INR pair is expected to quote in the range of 70.20 and 70.90.

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