Rupee slips 42 paise to 72.08 against dollar in early trade, currency comes under pressure after escalation of US-China trade war
FirstpostAt the Interbank Foreign Exchange, the rupee opened at 72.03 then fell to 72.08 against the US dollar, showing a decline of 42 paise over its previous closing. The rupee on Monday declined by 42 paise to 72.08 against the US currency in early trade, due to strong dollar demand from banks and importers amid unabated foreign fund outflows. The onshore yuan fell 0.6 percent in early trade to 7.15 per dollar, its weakest since February 2008 and its second-biggest one-day drop of the month. The government on Friday announced a raft of measures, including rollback of enhanced super-rich tax on foreign and domestic equity investors, exemption of startups from ‘angel tax’, a package to address distress in the auto sector and upfront infusion of Rs 70,000 crore to public sector banks, in efforts to boost economic growth from a five-year low.