Indian Rupee Price News and Forecast: USD/INR stays below 71.00 as bulls and bears jostle over US-China trade relations
|India plans new law to protect foreign investment
Citing two Indian government officials with direct knowledge of the matter, Reuters reports on Thursday that India is considering drafting a new law to safeguard foreign investment that would aim to attract more capital from overseas. This effort by India is seen boosting dwindling domestic growth.
The official said: “The idea is to attract and promote foreign investment, but a major issue for investors is the enforcement of contracts and speedy dispute resolution.”
USD/INR stays below 71.00 as bulls and bears jostle over US-China trade relations
USD/INR trades near 70.78, after repeated failures to take-out 71.00, during the pre-European session on Thursday. The pair fails to portray optimism surrounding the US-China trade deal and the Indian government’s expected policy measures amid skepticism.
The US and China have finally managed to sign the phase-one of the trade deal that includes China’s promise of $200 billion worth of trade balance reduction with the US and Washington cutting off Beijing from the currency manipulator risk among many clauses. However, popular media, including Financial Times (FT) and Reuters, release the terms of the deal that pours cold water on the face of US-China trade optimists.
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