Rupee plunges by 64 paise to 75.73 against dollar on trade concerns

The rupee depreciated by 64 paise to settle at 75.73 against the US dollar on Monday due to fears of a renewed trade war between the US and China, snapping its four-day winning run.

Heavy sell-off in domestic equities and a strengthening greenback overseas also weighed on the rupee.

"The greenback surged following safe-haven buying as uncertainty increased after President Trump threatened to impose new tariffs on China," Sugandha Sachdeva, VP-Metals, Energy & Currency Research, Religare Broking, said.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.27 per cent to 99.35
Sachdeva further said that "going ahead, the sentiments remain weak and fresh concerns that trade tensions could delay an economic recovery are likely to weigh on the local unit. The Indian rupee is likely to gyrate in the range of 75.20 and 76.60 in near term."