INR edges lower amid weak sentiments on escalating US-China trade tensions

The Indian rupee gave back recovery witnessed on Friday and edged lower on Monday morning. The domestic unit opened at Rs 88.75 per dollar and slipped to a low of 88.77 so far during the day. On Friday, rupee recovered over one-week high and appreciated 10 paise to close at 88.69 against the US dollar. Weak local equities and sharp surge in dollar over the weekend are contributing to decline in the Indian unit. Investors fret about an escalation of the trade war between U.S. and China and the potential impact on the global economy. After threatening 100 percent tariffs on China from November 1, U.S. President Donald Trump sounded more conciliatory tone over the weekend, saying that everything would be fine and the U.S. didn't want to "hurt" China. Investors await inflation data as well as key Q2 earnings from prominent companies on the domestic front.

 

Powered by Capital Market - Live News