Mumbai: The rupee opened lower against the US dollar at 72.03 on Monday, and declined to as much as 72.25 – down 59 paise from the previous close – in afternoon deals. That marked the lowest intraday level recorded for the rupee so far in calendar year 2019. Analysts say weakness across emerging market currencies with the Chinese yuan hitting an 11-year low put pressure on the rupee. Weakness in international oil prices however provided some support to the rupee and limited its downside.
The rupee was last seen trading 35 paise – or 0.49 per cent – lower at 72.01 against the greenback. The rupee moved in a range of 71.91-72.24 against the US currency in the first half of the session.
Domestic equity markets gave up most of the day’s gains, after rising more than 1 per cent following the announcement of measures by the government to shore up the economy.
The onshore yuan fell to 7.1487 against the US dollar in Asian trading on Monday, its weakest point since early 2008, as concerns over the US trade war and the potential for global recession weighed on markets.
“In another round of escalation in US-China trade war, both sides increased tariffs further… This escalation has dampened risk sentiment globally,” forex advisory firm IFA Global said in a note.
On Friday, US President Donald Trump announced an additional duty on some $550 billion of targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of US goods.
IFA Global expects the rupee to move in a range of 71.70-72.20 in the near term with an upside bias.
Crude oil prices fell on worries the US-China tariff dispute would crimp world demand. Brent crude futures – the global benchmark for crude oil – slid 1.1 per cent to $58.66 a barrel.
The dollar index – which measures the greenback against six major peers – was last up 0.02 per cent at 97.6610.
The rupee had gained by 15 paise to close at 71.66 against the dollar last Friday.
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