On Friday, the domestic unit closed a three-week high level of 69.22/$, up 14 paise.
The Indian rupee declined 24 paise on Monday to trade at day’s high level of 69.46 against the dollar. The currency opened 16 paise lower at 69.38/$.
At 9:50 AM, IST, the unit was trading 18 paise compared to its previous close at 69.40/$.
On Friday, the domestic unit closed a three-week high level of 69.22/$, up 14 paise. The appreciation was on the back of a sharp fall in crude oil price in the global markets.
The depreciation in the Indian rupee on Monday is in tandem with other Asian currencies due to resurfacing the US-China trade war concerns.
As per media reports, Chinese yuan tumbled 1% in Monday’s morning trade after the US President Donald Trump resumed threats to raise tariffs on US$200 billion on Chinese products, surprising markets participants after weeks of talk that a trade deal was imminent. Reports further added that, Trump on his social media account posts that the current 10% tariffs on $200bn worth of Chinese goods will rise to 25% on Friday. He also threatened to impose 25% levies on an additional $325bn of Chinese goods shortly.
Meanwhile, equity benchmark indices were trading in the red Monday with the Sensex declining 320 points at 38,642 levels. The Nifty also dropped 94 points at 11,618 levels.
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The Indian rupee declined 24 paise on Monday to trade at day’s high level of 69.46 against the dollar. The currency opened 16 paise lower at 69.38/$.
At 9:50 AM, IST, the unit was trading 18 paise compared to its previous close at 69.40/$.
On Friday, the domestic unit closed a three-week high level of 69.22/$, up 14 paise. The appreciation was on the back of a sharp fall in crude oil price in the global markets.
The depreciation in the Indian rupee on Monday is in tandem with other Asian currencies due to resurfacing the US-China trade war concerns.
As per media reports, Chinese yuan tumbled 1% in Monday’s morning trade after the US President Donald Trump resumed threats to raise tariffs on US$200 billion on Chinese products, surprising markets participants after weeks of talk that a trade deal was imminent. Reports further added that, Trump on his social media account posts that the current 10% tariffs on $200bn worth of Chinese goods will rise to 25% on Friday. He also threatened to impose 25% levies on an additional $325bn of Chinese goods shortly.
Meanwhile, equity benchmark indices were trading in the red Monday with the Sensex declining 320 points at 38,642 levels. The Nifty also dropped 94 points at 11,618 levels.
* Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
Call on:9977499927
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