- Indian Rupee snaps small gains against the USD
- Empire States index falls sharply into contraction
- India’s 10-year yields jump highest in 3 months
- India equity market reopens for trading
Indian Rupee regains footing against the greenback though only snaps modest gains. At the foreign exchange market, the value of the Rupee appreciated by 9 paise on Monday settling up 0.11% at 79.53 against the US dollar. The USD/INR exchange rate was seen trading on Tuesday within a trading range of 79.59 and 79.33.
Currently, one US dollar buys 79.33 rupees, down -0.22% as of 6:43 AM UTC.
In the US, the Federal Reserve Bank of New York’s Empire State manufacturing index missed market expectations and plunged in August deep into contraction to -31.1 from 11.1 in July. This is the lowest reading in over two years since the early days of the COVID-19 lockdowns.
The dollar index, which gauges the greenback’s strength against a basket of major currencies settled up +0.36% at 106.05.
Elsewhere, the domestic equity market opened for trading after being closed on the first trading session of the week. The benchmark equity index NIFTY 50 was trading in a range between 17,839.10 and 17,764.05 on Tuesday morning trade.
The Indian 10-year government bond yield was seen unchanged at 7.289%.
Looking forward, building permits in the USA and industrial production data will reveal more about the current state of the US economy.