(Photo: Bloomberg)
(Photo: Bloomberg)

Rupee closes two week low at 69.80 against the US dollar

  • So far this year, the rupee has fallen 0.04% against the greenback
  • The dollar index was at 97.152, down 0.14% from its previous close

Mumbai: Indian rupee on Friday weakened for second sessions to hit two week low against the US dollar tracking losses in Asian currencies market on weak China data as risk sentiment remained fragile on trade and geopolitical concerns. Traders were also cautious after India decided to impose tariffs on 29 US products that may increase trade tensions between the two countries.

The rupee ended at 69.80 a dollar -- a level last seen on 30 May, down 0.41% from its previous close of 69.51. The Indian currency had opened at 69.58 a dollar.

Traders were worried due to attacks on tankers in gulf of Oman escalated US-Iran tensions and raised concerns over supply flows.

Earlier, China’s industrial output growth slowed to the weakest pace since 2002, highlighting the headwinds that the economy is facing as it grapples with the tariff war with the US. President Donald Trump is still waiting for a response from Chinese President Xi Jinping about meeting to restart trade talks.

So far this year, the rupee has fallen 0.04% against the greenback. During the period, foreign investors bought $11.26 billion in Indian equities and $1.35 billion in the debt market.

Asian currencies were trading lower. Indonesian rupiah was down 0.31%, Philippines peso 0.26%, South Korean won 0.18%, Taiwan dollar 0.11%, China Offshore 0.05%. However, Japanese yen was up 0.14% and Thai Baht 0.09%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.152, down 0.14% from its previous close of 97.01.

The benchmark Sensex index was down 0.73% at 39,452.07 points. Year to date, the index has risen 9.38%.

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