Indian Rupee: Gains ground amid steady decline in dollar overseas

The Indian rupee gained much ground in opening trades on Monday tracking a steady decline in dollar overseas coupled with positive cues from Asian markets after U.S. President Donald Trump extended a deadline for EU trade deal until 9 July, following a call with European Commission president. Trump had threatened to impose 50 percent tariffs on imports from the European Union beginning June 1st, claiming talks with the bloc are going nowhere. The US dollar index tanked under 99 mark. INR opened at Rs 85.02 per dollar and climbed to a high of 84.98 so far during the day and is currently quoting at 85.03 as compared to previous close at 85.45. Benchmark indexes Sensex and Nifty fell around 0.7 percent each last week amid fears about U.S. debt after Moody's downgraded the country's sovereign rating. On the economic front, the release of industrial and manufacturing production data for April along with the Q4 GDP growth figures due this week may provide fresh insights into the economic recovery trajectory.

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