India-US trade talks to restart Friday, USD/INR bounces-off 11-month lows

The Indian news outlet, the Financial Post, carried a story quoting a spokesperson for the US Trade Representative (USTR), as saying that Indian and the US trade negotiators will meet on Friday.

However, they see a limited sign of a compromise on a series of protectionist measures taken by the two countries in the recent months.

A USTR spokesperson said: “Since India’s election period has now passed, USTR officials are visiting India for relationship-building with Indian government counterparts.”

Meanwhile, the USD/INR pair is seen making minor recovery attempts from the eleven-month lows of 68.293 reached earlier today. At the press time, the cross trades near 68.40 levels, almost unchanged on the day.

The Indian Rupee remains buoyed by the carry trade advantage, as the US dollar continues to get sold into Fed rate cut expectations amid falling Treasury yields, in the wake of Wednesday’s dovish testimony by the Fed Chair Powell.