USD/INR closed at 71.43 against its opening at 71.22. USD/INR ends high on demand for USD likely on outflow from local stocks.
IMF projected that India will grow at 7.5% in 2019 and 7.7% in 2020 stating that the country will be one of the fastest growing economy in the world. India's economy is poised to pick up in 2019, benefiting from lower oil prices and a slower pace of monetary tightening than previously expected, as inflation pressures ease.
USD/INR in the non-deliverable forward market maturing in one month traded at Rs 71.64 during European trades and Rs 71.49 at start of Indian market Tuesday. The pair traded at Rs 71.45 at close of Indian market on Monday.
the greenback traded flat against its major peers as US market remained closed yesterday on occasion of Martin Luther King's birthday.
Investors will now await further progress in US-China trade talk. Chinese officials expected to resume the trade talks on January 30-31 in Washington.
The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 96.35 during late Asian trades Tuesday compared to 96.33 at previous close.
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