Rupee closes at 1-month low against US dollar
The rupee ended at 68.38 against US dollara level last seen on 24 May, down 0.45% from its previous close of 67.99
Mumbai: The Indian rupee closed one-month low against the US dollar on Tuesday, tracking losses in global equity markets as traders were cautious due to escalating trade frictions between the US and China.
The rupee ended at 68.38 against US dollar—a level last seen on 24 May, down 0.45% from its previous close of 67.99. The rupee opened 67.99 a dollar and touched a low of 68.38.
In a statement on Monday evening, US President Donald Trump said that he had instructed the US trade representative’s office to identify $200 billion in Chinese imports for additional tariffs of 10%. He said the US would impose tariffs on another $200 billion after that if Beijing retaliates.
Fall in the currency was also supported due to continued selling by foreign investors in local equity and bond market. So far this year, FIIs sold a combined of nearly $5.80 billion in local equity and bond markets.
The 10-year bond yield ended at 7.864%, from its Monday’s close of 7.877%. Bond yields and prices move in opposite directions.
Benchmark Sensex Index fell 0.74% or 261.52 points to 35,286.74. Since January, it has gained 3.5%.
Asian currencies were trading lower. China renminbi was down 0.52%, Singapore dollar 0.50%, Thai Baht 0.42%, South Korean won 0.38%, China offshore 0.35%, Indonesian rupiah 0.26%, Taiwan dollar 0.18%, Malaysian ringgit 0.11%. However, Japanese yen was up 0.78%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.924, up 0.18% from its previous close of 94.756.
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