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Forex News: Indian Rupee Extends Decline To All-time Low Against

Indian Rupee Extends Decline To All-time Low Against U.S. Dollar

09/04/2018 - 07:39:00 (RTTNews)

(RTTNews) - The Indian rupee continued its sharp sell-off against the U.S. dollar on Tuesday, slumping to a historic low, as escalating global trade tensions and higher oil prices kept investors cautious.

The fall in the rupee intensified due to a strengthening dollar, which lifted up on fears of a Chinese slowdown and economic turbulence in emerging market economies.

U.S.-China trade tensions remained in focus ahead of looming U.S. tariffs on Chinese imports as early as this week.

Meanwhile, talks between U.S. and Canadian negotiators will resume on Wednesday after they failed to reach an agreement last week.

Besides the Indian rupee, other emerging market currencies such as Indonesian rupiah, Turkish lira, South African rand, Russian rouble and Mexican peso also skidded against the dollar.

Breaching the key 71.5 level, the rupee collapsed to a record low of 71.60 against the greenback. This represented a 0.6 percent drop from Monday's closing value of 71.16.

Indian markets fell, with the benchmark 30-share BSE Sensex declining 154.60 points or 0.40 percent to 38,157.92, while the broader 50-share Nifty index dropped 62.05 points or 0.54 percent to 11,520.30.

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