According to reports, as New Delhi “moderates its oil imports from Russia,” the US may lower the levy on Indian products to 15%.
According to currency analysts, the rupee started 10 paise higher on October 23 after the Diwali holiday and optimism regarding the status of the talks for an India-US trade pact.
After closing the previous day at 87.93 versus the US dollar, the rupee began at 87.83.
Diwali caused the money markets, including the currency and bond markets, to close on October 21 and 22.
As New Delhi “moderates its oil imports from Russia,” Washington may reduce the tariffs on Indian products from more than 50% to 15%, according to sources. According to a Mint story that cited sources, a trade agreement between the two parties was imminent.
When US President Donald Trump held Diwali festivities at the White House on October 21, he ignited a traditional oil lamp and greeted Indians and Indian-Americans.
“I talked with Prime Minister Modi today, and our connection is excellent. He will not purchase a lot of oil from Russia. He shares my desire for the conflict (between Russia and Ukraine) to stop. They will not be purchasing a lot of oil.
A Reuters article claims that although oil prices increased and the dollar index slightly increased, Asian currencies were generally weaker. These developments were all detrimental to the rupee. The decline in bullion prices, however, was a good thing. On October 21 and 22, gold fell by over 6%.