The Rupee closed at 75.05 after touching a low of 75.1725 on Tuesday as concern over a delay in fresh stimulus package in the US loomed large, and also as tensions with China flared up over the Microsoft and Tik-tok deal. the rupee is expected to take cues from movement in the domestic benchmark indices during the day. President Donald Trump's administration and Democrats in the US Congress on Monday said they had made progress in talks on the relief plan, but the amount earmarked for the unemployed people as benefits remained a sticking point. President Donald Trump's administration and Democrats in the US Congress on Monday said they had made progress in talks on the relief plan, but the amount earmarked for the unemployed people as benefits remained a sticking point.......
The US dollar rose against a basket of major currencies as investors weighed encouraging economic data against slow progress towards a US government spending package and another week of increasing COVID-19 deaths in the country. A better-than-expected expansion in the Institute for Supply Management’s US manufacturing index was also a positive for the greenback.Asian indices rose in early trade today, tracking overnight gains in US equities on upbeat manufacturing data for July, which accelerated to its highest level in nearly one and a half years.Investors believed that the uptick in manufacturing data in the world's largest economy, robust industrial data from China as well as the Eurozone indicated recovery in the global economy.On Monday, US House of Representatives Speaker Nancy Pelosi's statement that she would continue discussions on coronavirus stimulus package with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows today as well also boosted optimism.Indices ended higher on Monday led by reassuring manufacturing activity data for July, a dip in daily cases of coronavirus as well as a rise in the shares of information technology companies. The uptick in manufacturing activity in the world's largest economy led investors to believe that it was indicative of steady recovery from pandemic-led disruptions. Shares of Microsoft Corp surged 4.8% after the company said it has received President Trump's go-ahead for talks to buy US operations of TikTok.Futures ended slightly higher on Monday following the release of positive economic data from the US, Europe and Asia, but traders remained worried about the rising number of COVID-19 cases globally, as well on an oversupply situation as the Organization of the Petroleum Exporting Countries and its allies have begun lifting supply curbs.......