Rupee back at 72 vs US dollar, plunges 82 paise in early trade
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The rupee reclaimed the 72/$ mark in early trade on Monday, slipping nearly 82 paise to a low of 72.67 against the US dollar. Despite the government’s steps to stem a steep fall in the currency, the rupee depreciated amid reports that the US could announce a new round of tariffs on Chinese imports later in the day, PTI reported.
The rupee hit a low of 72.6725 per dollar, down almost 82 paise, from its Friday’s close at 71.8550 against the greenback, Bloomberg data showed. The report quoted forex dealers saying that the dollar rose against a basket of major currencies overseas, with investors cautiously awaiting news on the implementation of US tariffs on an additional $200 billion of Chinese imports.
“Last week in his meeting, country’s PM decided to curb non-essential imports and increase exports to contain CAD and fall in rupee,” Geojit Financial Services said in a report. “For Rupee, 72.90 will be a major level to watch below more weakness is expected. On the resistance side, 71.44 and 70.65
will be in focus,” it added.
On Friday, the rupee had closed at a one-week high, gaining 34 paise against the US dollar, riding on lower crude oil prices, weakness in the US dollar and optimism ahead of PM Modi’s economic review meeting due later in the evening.
In the domestic equity markets, the Sensex and Nifty indices opened in the negative territory on Monday tracking weak Asian markets. The Sensex of the BSE plunged over 300 points to hit an intra-day low of 37,784.50 points in early morning trade, while the NSE Nifty slipped below the 11,450-mark.
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