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Rupee drops 15 paise against $ in early trade

PTI/Agencies, New Delhi
27/11/2018   0 Comments

After US President Donald Trump suggested a rise in tariffs on the Chinese goods, the rupee fell by Rs 15.03 to a low of Rs 71.02 against the US dollar in early trading on the Interbank Foreign Exchange on Tuesday. On Monday, Trump Monday said that for any business deal, China has to "treat" much of its country, after which the domestic unit weakened against other Asian currencies. Trump told reporters in the White House, "Here's the line below: China has to deal with us a lot, they are not, they have to treat us a lot." In the interbank foreign exchange market, the rupee decreased to 70.91 and the number dropped to cite at 71.02, which had fallen 15 paise against the previous closure.

The rupee fell 18 paise to close at 70.87 against the US dollar on Monday. Foreign currency dealers demanded a new currency from importers amidst a slight increase in crude oil prices on the domestic unit. International benchmark, Brent Crude rose 0.28% to $ 60.65 a barrel. Traders said, the decline in the fresh foreign flow local unit has been banned. Foreign Institutional Investors (FIIs) made fresh purchases of Rs 62.74 crore on Monday, according to provisional data. Meanwhile, the 30-share Sensex fell by 27.28 points, or 0.08 percent to 35,326.80. NSE Nifty also looked at similar movements, and was lower at 18.70 points, or 0.18 percent, 10,60.990.

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