Indian Rupee opens flat despite improving US-India trade deal hopes

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The Indian Rupee (INR) opens on a flat note against the US Dollar (USD) on Tuesday. The USD/INR pair continues to trade in a tight range around 88.85, with investors remaining on the sidelines as the United States (US) and India have still not reached a trade deal, despite having negotiations from a long period. The US has been charging 50% tariffs on imports from India, of which 25% is reciprocal levy and the rest is imposed for buying Oil from Russia, from a few months that are notably impacting the amount of goods exported to Washington. According to research from BofA Securities, exports from India to the US shrank 12% in September due to higher tariffs. Meanwhile, recent commentaries from US President Donald Trump and India’s top trade negotiator Rajesh Agarwal have indicated that both nations are close to reaching a consensus soon. On Monday, Commerce Secretary Rajesh Agarwal stated that the first part of the bilateral trade deal with the US is “nearly closure”, which addresses 50% tariffs and market access to the US, and the finalized deal will be announced on a mutually decided date, PTI reported. Last week, US President Trump stated that Washington and New Delhi are close to a bilateral pact, but didn’t provide a timeframe. Trump said at “some point” he would reduce the tariff rate on Indian goods, saying the US was getting “pretty close” to a trade deal with New Delhi, Bloomberg reported. He added, “Right now they don’t love me, but they’ll love us again,” and “We’re getting a fair deal”. Daily digest market movers: Investors shift focus to US NFP data The Indian Rupee remains in a limited range between 88.50 and 89.00 against the US Dollar since the start of the month. However, a range breakthrough looks likely soon…