- 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.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.