The U.S. dollar rose sharply and then steadied in Asian Market opening trades today as President Donald Trump backed away from threats of firing Federal Reserve Chair Jerome Powell in a relief to investors while optimism around trade deals lifted beaten down sentiment. The markets this week have been grappling with the notion that the Fed\'s independence could be under threat after repeated attacks by Trump on Powell for not cutting rates since the president resumed office in January. But late yesterday Trump appeared to back down. I have no intention of firing him,\" Trump told reporters in the Oval Office on Tuesday. \"I would like to see him be a little more active in terms of his idea to lower interest rates. That left the dollar rising rapidly at the start of the trading day and steadied itself. In some of the major currencies today, the dollar rose 0.23% against the yen to 141.90. The euro stood at $1.1393, while sterling eased 0.17% at $1.3295. The Indian rupee opened weaker with a gap of almost 08 paise at 85.26/27 against its previous session’s close of 85.18/19 and is expected to trade between 85.15 - 85.45 band today.
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