India Rupee Rallies, Stocks Jump as Tariff Deal Boosts Sentiment

Indian assets rallied after the US sharply cut tariffs on the country’s goods, lifting the rupee and stocks as investors reassessed a long-soured outlook.

The NSE Nifty 50 Index soared as much as 5%, the most in five years, after US President Donald Trump said he would cut tariff on Indian goods to 18%. The index pared some gains to end the day 2.6% higher. The rupee strengthened 1.4% to close at 90.2725 per dollar, posting its biggest rise since December 2018, while bonds also gained.