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Monday
August 2020
11:57 PM IST
News Headlines
NIA arrests six more people and conducts searches at 6 places in Kerala gold smuggling case        Union Minister observes fast as BJP seeks to step up pressure on Ker govt in gold smuggling case        Kerala crosses 25,000 COVID-19 cases as 1,169 test positive        Heavy rains forecast in Kerala this week; Low pressure likely in Bay of Bengal        Shah tests +ve for COVID-19, admitted to Medanta hospital in Gurugram        International passengers with negative COVID-19 test report can skip institutional quarantine: Govt        High time Mehbooba Mufti is released, says Rahul Gandhi        Death toll in Punjab spurious liquor tragedy rises to 104        Trump Says Federal Government Should Seek Death Penalty For Boston Bomber        Khamenei''s top aide praises Turkey''s Hagia Sophia move        IPL GC Meet: Final on Nov 10, Chinese sponsors intact, COVID replacements allowed        2nd ODI: Bairstow, Rashid shine in England''s 4-wicket win over Ireland        Kerala''s COVID-19 tally inching towards 25,000 mark, 1129 ccases, death toll climbs to 82        Kerala police SI dies of COVID-19; first from the force to succumb to the virus        If high command forgives rebels, I will welcome them back: Gehlot        Former SP leader and Rajya Sabha MP Amar Singh dies at 64        Wild fire: 200 homes evacuated in Southern California        Emirati nuclear plant successfully starts up first reactor        Ready to push for continued advancement of China-Nepal ties: Xi        Some 17,000 people hit streets of Berlin to protest COVID-19 measures        
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Business News
Rupee rises to 2-week high on US-China trade talks hopes
 
Mumbai: The rupee on Tuesday rose to a two-week high against the US dollar on hopes of partial trade deal between the US and China next month.

The domestic currency closed at 70.94 to the dollar, a gain of 20 paise or 0.28 per cent over the previous close on Friday.

Forex market was closed on Monday on account of assembly elections in Maharashtra.

Analysts said growing expectations of a partial trade deal between the US and China next month bolstered the appetite for riskier assets like emerging currencies.

Also, Commerce Minister Piyush Goyal said India and the US will hopefully come out with the first set of agreements soon to address their trade issues.

Trade tensions have weighed on emerging and developing currencies as investors are looking for safe bets amid uncertainty over trade growth.

"Trade talks between the US and China have started to progress and the risk-on sentiment could further support the rupee. Brexit related uncertainty could continue as fresh updates on the same are likely to come in today's evening session. Parliament Brexit Vote is scheduled and we expect that could keep the volatility high for pound," Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services Private Ltd, said.

US President Donald Trump said he expects to sign the partial deal on the sidelines of the Asia-Pacific Economic Cooperation summit in Chile next month when he meets with Chinese President Xi Jinping.

China's Vice foreign minister Le Yucheng also said that progress was being made in talks and no problem was beyond resolution. The US dollar strengthened against major global rivals as the British pound slipped from five-week highs due to Brexit uncertainty and a steady euro.

The US dollar index was up 0.13 per cent at 97.45. Crude oil prices also edged up on hopes of a US-China trade deal. Global benchmark Brent crude rose 0.29 per cent or 17 cents to USD 59.25 per barrel.

Meanwhile, domestic stocks declined on Tuesday, ending their six-day rally. Sensex dropped 0.85 per cent or 334.54 points while Nifty shed 73.50 points or 0.63 per cent mainly due to a sharp fall in Infosys.

The 10-year government bond yield was at 6.70 per cent.

The FBIL set the reference rate for the US dollar at 71.1988, for the euro at 79.1854 and the pound at 91.5180. For Japanese yen, it fixed a rate of 65.58 for every 100 yen.


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KERALA NEWS
Kerala crosses 25,000 COVID-19 cases as 1,169 test positive
 Thiruvananthapuram: Kerala on Sunday crossed the 25,000 mark in COVID-19 cases as 1,169 more people  
Heavy rains forecast in Kerala this week; Low pressure likely in Bay of Bengal
Kerala police SI dies of COVID-19; first from the force to succumb to the virus
Kerala reports 1,310 COVID-19 cases; 3 deaths takes toll to 73
INTERNATIONAL NEWS
Trump Says Federal Government Should Seek Death Penalty For Boston Bomber
 WASHINGTON: US President Donald Trump says the federal government must seek the death penalty for Bo
Khamenei''s top aide praises Turkey''s Hagia Sophia move
Wild fire: 200 homes evacuated in Southern California
Emirati nuclear plant successfully starts up first reactor
NATIONAL NEWS
Union Minister observes fast as BJP seeks to step up pressure on Ker govt in gold smuggling case
 New Delhi: Union Minister V Muraleedharan on Sunday observed a day-long fast at his residence here d
Shah tests +ve for COVID-19, admitted to Medanta hospital in Gurugram
International passengers with negative COVID-19 test report can skip institutional quarantine: Govt
High time Mehbooba Mufti is released, says Rahul Gandhi
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