Indian Rupee Rises To Near 3-week High On Trade Talk Optimism
(RTTNews) - The Indian rupee strengthened against the U.S. dollar in the Asian session on Wednesday, after India and the U.S. agreed to speed up talks on a bilateral trade.
After a high-level official meeting, it was decided to intensify efforts to achieve early conclusion of a mutually beneficial Trade Agreement," according to a statement issued by the Commerce and Industry Ministry.
Indian PM Modi's attempts to put an end to the conflict between Russia and Ukraine were praised by US President Trump.
The Fed is expected to lower interest rates on Wednesday, according to investors.
Against the U.S. dollar, the rupee rose to nearly a 3-week high of 87.72 from yesterday's closing value of 87.88.
If the rupee extends its uptrend, it is likely to find resistance around the 86.00 region.
Looking ahead, Canada foreign securities purchases for July, U.S. building permits and housing starts for August and U.S. EIA crude oil data are slated for release in the New York session.
At 10:30 am ET, the Bank of Canada will announce its monetary policy decision. The bank is expected to cut the policy rate 25bps to 2.50 percent in the meeting.
Following the policy decision, the BoC governor Tiff Macklem will deliver a speech in a press conference.
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