So far this year, the rupee is up 0.05% (Reuters)
So far this year, the rupee is up 0.05% (Reuters)

Rupee ends lower against dollar on rising US China trade tension

  • The rupee ended at 69.71 a dollar, down 0.41% from its previous close of 69.43
  • Global financial markets remained subdued following US President Donald Trump’s threat of raising tariffs on goods imported from China

Mumbai: The Indian rupee on Wednesday closed weaker for the third straight session against the US dollar tracking losses in global market, as concern about escalating US-China trade tensions weighed on risk appetite.

The rupee ended at 69.71 a dollar, down 0.41% from its previous close of 69.43. The Indian currency had opened at 69.55 a dollar.

Global financial markets remained subdued following US President Donald Trump’s threat of raising tariffs on goods imported from China. The focus is now on Washington where China’s top negotiator is scheduled to arrive later this week for trade talks.

The 10-year bond yield closed at 7.376% against Tuesday's close of 7.382%.

The benchmark Sensex fell 1.27% to 37,789.13. Year-to-date, the index has risen 5%.

So far this year, the rupee is up 0.05%. During the period, foreign investors bought $9.88 billion in equity and sold $949 million in the debt market.

Other Asian currencies traded mixed. Japanese yen was up 0.22%, Thai Baht was 0.18% higher, China renminbi rose 0.17%, Singapore dollar was up 0.17%. However, South Korean won was down 0.21%, Indonesian rupiah eased 0.14%, and The Philippines peso declined 0.12%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.455, down 0.18% from its previous close of 97.628.

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