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Forex News: Indian Rupee Weakens To 2-week Low Against U.S.

Indian Rupee Weakens To 2-week Low Against U.S. Dollar

08/29/2018 - 04:47:00 (RTTNews)

(RTTNews) - The Indian rupee lost ground against the U.S. dollar in late morning deals on Wednesday amid a fall in regional shares.

The benchmark BSE Sensex fell 62.84 points or 0.16 percent to 38,834, while the broader Nifty index dropped 24.15 points or 0.21 percent to 11,714.

Investors kept an eye on the latest developments on global trade and the upcoming derivatives expiry.

As the U.S.-Mexico trade deal fades, traders shifted focus to the next batch of proposed tariffs from the Trump administration, covering $200 billion worth of Chinese imports.

Concerns over higher oil prices and its impact on India's current account deficit, coupled with month-end dollar demand from importers also undermined the rupee.

The rupee slipped to a 2-week low of 70.62 against the greenback, down from Tuesday's closing value of 70.23. If the rupee falls further, it may breach the record low of 70.8 that was set on August 15.

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