Indian Rupee Falls To 5-month Low Versus Dollar
August 05 2019 - 04:08AM
RTTF2
The Indian rupee fell sharply against the U.S. dollar in the
evening session on Monday, as rising tension in Kashmir coupled
with weak global cues on the back of worries about an escalating
trade conflicting between the U.S. and China dampened
sentiment.
Today, the government decided to revoke Article 370 and
bifurcate the state of Jammu and Kashmir into two Union
Territories.
Globally, investors switched out of riskier assets amid concerns
a prolonged conflict between the world's two largest economies will
weigh on global economic growth.
China's central bank allowed its yuan to fall below the
politically sensitive level of seven to the U.S. dollar, fueling
speculation that Beijing was allowing currency depreciation to
counter U.S. President Donald Trump's latest tariff threat.
The benchmark S&P BSE Sensex ended the session down as much
as 418.38 points or 1.13 percent at 36,699.84 while the broader
Nifty index dropped 134.75 points or 1.23 percent to 10,862.60.
The rupee fell to a 5-month low of 70.85 versus the greenback
from last week's closing value of 69.64. Next key support for the
rupee is seen around the 72.6 level.
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