Rupee gains on buzz of India-US trade deal
The rupee opened stronger at 87.83 against the dollar this week, thanks to buzz about an upcoming India-US trade deal.
The agreement aims to lower US tariffs on Indian goods—good news for Indian textiles, pharmaceuticals, and engineering exports.
What does the potential trade deal mean?
If signed, the deal means better market access for both countries: the US would cut tariffs on Indian products, while India would import more American farm goods like corn and soymeal.
There's also a focus on clean energy and tech partnerships. Plus, it's got a geopolitical angle—India is expected to slowly reduce oil imports from Russia, which lines up with US interests.
Rupee still faces challenges
While the rupee's early gains are promising, it still faces pressure from a strong dollar and rising oil prices worldwide.
Markets will be watching closely as leaders meet at the ASEAN summit and negotiations continue.