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Forex News: Indian Rupee Falls To 5-month Low Versus Dollar

Indian Rupee Falls To 5-month Low Versus Dollar

08/05/2019 - 08:08:00 (RTTNews)

(RTTNews) - The Indian rupee fell sharply against the U.S. dollar in the evening session on Monday, as rising tension in Kashmir coupled with weak global cues on the back of worries about an escalating trade conflicting between the U.S. and China dampened sentiment.

Today, the government decided to revoke Article 370 and bifurcate the state of Jammu and Kashmir into two Union Territories.

Globally, investors switched out of riskier assets amid concerns a prolonged conflict between the world's two largest economies will weigh on global economic growth.

China's central bank allowed its yuan to fall below the politically sensitive level of seven to the U.S. dollar, fueling speculation that Beijing was allowing currency depreciation to counter U.S. President Donald Trump's latest tariff threat.

The benchmark S&P BSE Sensex ended the session down as much as 418.38 points or 1.13 percent at 36,699.84 while the broader Nifty index dropped 134.75 points or 1.23 percent to 10,862.60.

The rupee fell to a 5-month low of 70.85 versus the greenback from last week's closing value of 69.64. Next key support for the rupee is seen around the 72.6 level.

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