Market News
Rupee rises above 85/USD hoisted by fragile dollar, stronger yuan - REUTERS
MUMBAI, May 26 (Reuters) - The Indian rupee and other Asian currencies extended their recent rallies on Monday, as abrupt shifts in U.S. trade policy and concerns over fiscal health kept the dollar under pressure.
The rupee rose past the 85 per U.S. dollar mark for the first time in two weeks on Monday, extending its 0.9% surge seen on Friday. The currency was last quoted up 0.4% at 84.82.
The dollar index was hovering at an over one-month low of 98.8, down 0.3% on day, after U.S. President Donald Trump set a July 9 deadline for a trade deal with the European Union after threatening a 50% tariff from June 1.
Meanwhile, the Chinese yuan's rise to a 7-month high, following provided another tailwind to regional currencies. Asian currencies have risen by as much as 7% on the month so far but the rupee has remained a laggard with a 0.3% decline.
