The Indian rupee declined 32 paise on Monday to trade at day’s high level of 70.24 against the dollar. The domestic unit opened 24 paise lower at 70.16/$.
At 11:10, AM, IST, the currency was trading 29 paise down at 70.21/$. On Friday, the unit gained 2 paise to close at 69.92/$.
The depreciation in the local currency is in line with other Asian peers amid growth worries regarding the trade war between the US and China.
After, US President Donald Trump’s decision to hike tariffs on Chinese good, investors are now waiting for a retaliatory action from China’s counterpart. As per media reports, Trump weighed in further on the state of trade negotiations with China, saying that the US was “right where we want to be” and that it would be wise for China to “act now” to complete a trade deal.
On the domestic front, market participants will be waiting for Consumer Price Inflation numbers for April month to be released today.
Meanwhile, equity benchmark indices were trading on a mixed note with the Sensex gaining 55 points at 37,517 levels, while the Nifty gained 3 points at 11,282 levels.
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