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As on: Sep 22, 2019 09:46 PM
Rupee Weakens Amid US-China Trade Concerns
13-May-19   10:28 Hrs IST
The Indian rupee weakened against the dollar in early trades on Monday, 13 May 2019 amid US-China trade related concerns and rising crude oil prices. Strengthening of the greenback vis-a-vis other currencies overseas, foreign fund outflows and cautious opening in domestic equities added pressure to the domestic unit. Foreign institutional investors (FIIs) pulled out Rs 1,245.14 crore on a net basis Friday, provisional data showed.

The domestic currency opened at Rs 70.16 against the dollar and registered an intra-day high and low of 70.09 and 70.18 respectively so far during the day. In the spot currency market, the Indian unit was last seen trading at 70.14. The Indian rupee Friday had closed at 69.92 against the US dollar.

Domestic benchmark indices were trading with small losses in early trade, tracking negative leads from Asian markets. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 17.21 points or 0.05% at 37,445.78. The Nifty 50 index was down 24.65 points or 0.22% at 11,254.25.

Overseas, US stock futures tumbled and Asian shares slipped on Monday on growing uncertainty over whether the United States and China will be able to end their escalating trade war. Markets in Hong Kong are closed on Monday for a holiday.

Meanwhile, the dollar index against a basket of six major currencies was flat at 97.318. The safe-haven yen firmed slightly and the Chinese yuan and Australian dollar dipped on Monday, after the latest escalation in the trade war between the United States and China. The world's two biggest economies appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any bitter fruit that harmed its interests.

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