Rupee plunges 94 paise against US dollar amid weak global cues
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The rupee tumbled a whopping 94 paise to 70.54 against the US dollar in the early deals on Monday amid weak global cues and continued outflow of foreign funds. The domestic currency had opened at 70.14, which was its lowest level since May 17.
On Friday, it had dived 54 paise to close at an over six-week low of 69.60 as soaring crude oil prices and a fresh flare up in US-China trade tensions weighed on emerging market currencies.
Continuing their selling spree, foreign investors have withdrawn a net amount of Rs 2,881 crore from the Indian capital markets in the first two sessions of August on account of domestic as well as global headwinds. According to latest depositories data, foreign portfolio investors (FPIs) pulled out a net sum of Rs 2,632.58 crore from equities and Rs 248.52 crore from the debt segment during August 1-2, taking the cumulative net outflow to Rs 2,881.10 crore.
On the global front, investor sentiment took a heavy beating after the US President Donald Trump abruptly announced 10 per cent tarriff on $300 billion in Chinese imports. During the weekend, China vowed to fight back against US President Donald Trump’s abrupt decision.
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