India rupee ends higher but oil companies' dollar buys cap gains

  • 📰 KitcoNewsNOW
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 78%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Market News

MUMBAI, Nov 6 - The Indian rupee closed stronger on Monday but underperformed its Asian peers as U.S. dollar demand from local oil companies and importers capped gains.A weaker dollar and a fall in U.S. Treasury yields sparked a rally among Asian currencies, with the Malaysian ringgit, up by nearly 2%, leading gains.

Local oil companies bought dollars, while state-run banks were seen on offer, a foreign exchange trader at a private bank said. The odds of a Fed rate hike at the December meeting are now at 7%, down from 20% a week earlier, according to FEDWATCH. "We are inclined to think it is still too early to see another large drop in the dollar because the US activity story simply hasn’t deteriorated enough," ING Bank stated in a note.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market news today: US futures tick up with Fed hopes still in playConfidence that the Fed is done with rate hikes is still encouraging investors into stocks.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Global funds dumped another $3 billion in China stocks in October -Morgan StanleyMarket News
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »