In its previous session, it had inched closer to the 73-mark, ending at a record low of 72.98 per dollar.
On Wednesday morning, the rupee opened higher by 26 paise, at 72.72 per dollar. In its previous session, it had inched closer to the 73-mark, ending at a record low of 72.98 per dollar. Surging crude prices and trade war tensions were reportedly weighing in on the rupee, which fell more than 1% in the last two days.
The trade war between the world’s largest economies has escalated. US President Donald Trump announced his decision to levy new charges on $200bn worth of Chinese goods, bringing most of Chinese imports under the tariff ambit. China, meanwhile, retaliated, adding $60bn of US products to its import tariff list.
Yesterday too, in its opening trade, the rupee rose marginally, but it pared its gains in the latter half, closing at fresh record lows.
This year, the rupee has plummeted by over 13.05%. However, the IMF insists that the rupee has depreciated only 6-7% this year, after adjusting it for inflation.
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