Re, Stocks Snap Losing Streak

RUPEE REPORTS BIGGEST SINGLE-DAY JUMP IN MORE THAN A MONTH

- Anupreksha Jain & Kishor Kadam

The rupee snapped the five-day losing streak and recorded its biggest single-day gain in more than a month on Tuesday, as reports suggested that US President-elect Donald Trump is likely to be less aggressive with his policies on tariffs. Other Asian currencies, too, gained between 0.2% and 0.9% vis- à-vis the greenback.

The rupee, after hitting an intraday low of 85.80/$, settled at 85.72, a gain of 11 paise, or 0.12%, over the previous close. The dollar index fell 0.3% to 107.9. A report by The Washington Post on Monday said Trump's aides were exploring tariff plans that would apply to every country, but only cover certain sectors deemed critical to national or economic security, prompting a slump in the dollar index.

"This is a temporary relief as the market is largely anticipating further depreciation in the rupee owing to a strong dollar in coming days," said a forex trader with a private bank.