Mumbai: After opening at 70.06 a USD, the rupee weakened to 70.60 at day’s low. In recent trade, the rupee was trading at 70.50 a dollar. The rupee fell to 70.60 against the US dollar at day’s low, as compared to its previous close of 69.60 a dollar – its biggest one-day fall since December 2018.
The Indian rupee suffered sharp losses against the US dollar today amid turmoil in both global equity and currency markets. China today let its currency yuan tumble beyond the key 7-per-dollar level for the first time in more than a decade. This has resulted to sharp fell of tracking a selloff in other Asian market.
On 2nd August the Indian rupee dived 54 paisa to close at an over six-week low of 69.60 against the US dollar. Crude oil prices and a fresh flare up in US-China trade tensions weighed on emerging market currencies. As Donald Trump imposes 10% additional tax on the China import, it tumbled down the Beijing stock market after Thursday.
It was weakest level since June 19 when it had settled at 69.68 against the American currency. On a weekly basis, the rupee has declined 71 paisa. The Sensex fell over 600 points today. Foreign portfolio investors pulled out a net 2,632.58 crore from equities and ₹248.52 crore from the debt segment in the first two trading sessions of this month.
