The previous Trump term saw corporate tax cuts that brought more liquidity to markets, encouraging investment into cryptocurrency
business1 day ago
The Indian rupee is likely to open little changed on Tuesday on the back of a recovery in the Chinese yuan and other Asian currencies despite a further rise in US yields.
Non-deliverable forwards indicate rupee will open near Monday's level of 22.645 to the UAE dirham.
It looks like the USD/INR has settled at just above the 83 handle for now, a forex trader at Mumbai-based bank said.
"The RBI (Reserve Bank of India) is averse to it (the USD/INR) making a new high, and on the other hand, you have the volatility in (US) Treasury yields."
Asian currencies managed a recovery on Tuesday, despite the US Treasury yields. The offshore yuan was back below 7.30 to the dollar on bets of tightening up of offshore yuan liquidity. China's major state-owned banks were seen actively mopping up the offshore yuan on Monday.
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