Nisha Biswal, president of the US-India Business Council told Reuters late Thursday that the US and India are unlikely to reach a limited trade deal in time ahead of a scheduled visit of US President Trump to India on February 24-25.
Key quotes:
“We’re still hopeful that some kind of agreement could be reached, but we do recognize and acknowledge that both governments have been indicating that is unlikely at this juncture.”
“We know that American companies see India as a priority market for exports, but also see India as a priority destination for investment and locating sourcing and manufacturing. We would like to see steps that can facilitate that.”
Meanwhile, USD/INR saw a spike to 72.12 levels in the last minutes, reaching the highest levels in six weeks. The pair, however, quickly, reversed the spike to now trade around 71.68.
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