Indian Rupee Rises Amid US-Iran Optimism
(RTTNews) - The Indian rupee strengthened against the U.S. dollar in the European trading session on Thursday, amid renewed selling pressure on the price of oil in response to news reports that the Strait of Hormuz, a crucial route to about 20% of the world's energy supply, may soon reopen.
Investors pinned hopes for a peace deal between the United States and Iran.
U.S. President Donald Trump said he has had "very good talks" with Iran over the past 24 hours and it is "very possible" that there will be a deal before his scheduled trip to China next week.
At the same time, Trump threatened to resume bombardment if negotiations fail apart.
Media reports suggested that U.S. and Iranian diplomats are working on an agreement to restart negotiations and establish a framework for opening the Strait of Hormuz.
The US Nonfarm Payrolls (NFP) statistics for April, which will be announced on Friday, will be closely watched by investors for new indications of the Federal Reserve's (Fed) monetary policy stance. It is anticipated that the employment report will demonstrate that the economy generated 60K new jobs.
Against the U.S. dollar, the rupee rose to more than a 2-week high of 93.68 from an early low of 94.72.
If the rupee extends its uptrend, it is likely to find resistance around the 90.00 region.
Looking ahead, U.S. weekly jobless claims data, U.S. construction spending for March, U.S. consumer inflation expectations for April and U.S. consumer credit change for March are slated for release in the New York session.
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