Indian Rupee: Seen benefiting from tariff pause; dollar weakness under 100 mark

The Indian rupee moved sharply on the upside in opening trades on Friday amid sharp weakness in dollar overseas although persistent trade war concerns and foreign fund outflows could cap any sharp upside in the counter. International oil prices hanging under $60 per barrel and dollar index at 9 month low under 100 mark are all positive for the local currency. Moreover, domestic inventors are yet to take benefit from the sharp spike in US equities on Wednesday after US president Trump announced a 90-day pause on new reciprocal tariffs on most countries, but raised duties for China, making Beijing increasingly isolated for its lack of respect shown to world's markets. Indian markets were closed on Thursday on the occasion of Shri Mahavir Jayanti. Today, rupee opened at Rs 86.22 per dollar, and is currently at 86.16 up over 50 paise as compared to previous close of 86.68.

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