Indian Rupee Climbs To More Than 2-week High Versus U.S. Dollar
February 28 2019 - 1:39AM
RTTF2
The Indian rupee strengthened against the U.S. dollar in evening
deals on Thursday, as the latter fell across the board, while
falling oil prices also supported.
The rupee hit more than a 2-week high of 70.65 versus the
greenback from yesterday's closing value of 71.22. If the rupee
rises further, 68.0 is likely seen as its next resistance
level.
Oil prices fell after weak Chinese data reinforced fears that
the world's second-largest economy is losing momentum.
China's manufacturing sector contracted for a third consecutive
month in February, with a manufacturing PMI score of 49.2.
Hopes for progress in U.S-China trade talks faded and a historic
summit ended without agreement on the denuclearization of the
Korean Peninsula, raising fresh concerns over fuel demand.
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