Wait...
  1. Home >
  2. Export Import News >
  3. Foreign Exchange >
  4. Rupee drops 28 paise against dollar as US-China trade tension escalates >
  5. Rupee drops 28 paise against dollar as US-China trade tension escalates

Online Export Import Data Search

Complete Training Video : Click Here

Rupee drops 28 paise against dollar as US-China trade tension escalates.


Date: 09-05-2019
Subject: Rupee drops 28 paise against dollar as US-China trade tension escalates
The rupee on May 8 fell further by 28 paise to 69.71 against the US currency, extending its losses for the third straight day due to escalating US-China trade tensions and a massive selloff in domestic equity markets. Besides, sustained foreign fund outflow amid global trade fears also impacted the trading pattern in the currency market, forex dealers said.

However, a weak dollar against major currencies overseas and lower crude prices restricted the rupee's fall, they added.

The rupee opened sharply lower at 69.57 as the US-China trade related concerns weighed on investor community. The local currency moved in a range of 69.47 to 69.74 before closing at 69.71, down 28 paise from the previous close.

The rupee has weakened by 49 paise or 0.71 per cent since Monday after the US's threat to increase tariffs on USD 200 billion of Chinese imports triggered a global selloff in riskier assets. "Growing trade tension between the US and China lead concern for global growth and trade. Chinese Yuan becomes the worst performer among Asian Currencies after US President Trump's tweet on hiking tariff on Chinese goods from May 10," V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities said.

The rupee came under intense pressure following continued weakness in domestic equity markets.

The BSE Sensex ended 487.50 points, or 1.27 per cent, lower at 37,789.13. The index hit an intra-day low of 37,743.07 and a high of 38,248.57.

Similarly, the NSE Nifty sank 138.45 points, or 1,20 per cent, to settle at 11,359.45. During the day, the bourse hit a low of 11,346.95 and a high of 11,479.10.

Foreign investors were net sellers in capital markets Wednesday pulling out assets worth Rs 701.50 crore on a net basis, provisional exchange data showed.

Meanwhile, the Dollar Index which gauges the greenback's strength against a basket of six currencies, fell 0.11 per cent to 97.52.

Brent crude futures, the global oil benchmark, fell 0.53 per cent to USD 69.51 per barrel.

Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.6009 and for rupee/euro at 78.0124. The reference rate for rupee/British pound was fixed at 90.9002 and for rupee/100 Japanese yen at 63.23.

Source: moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 11-10-2019
No. 04/2019- Customs
Clarification regarding inclusion of cesses, surcharge, duties, etc. levied and collected under legislations other than Customs Act, 1962, Customs Tariff Act, 1975 or Central Excise Act, 1944 in Brand Rate of duty drawback

Date: 11-10-2019
Notification No. 23/2015-2020
Amendment in Import Policy Condition of Urea under Exim Code 31021000 in the ITC (HS) 2017, Schedule-I (Import Policy)- regd.

Date: 11-10-2019
Notification No. 24/2015-2020
Amendment in import policy of Indian National Flag.

Date: 09-10-2019
Notification No. 73 /2019-Customs (N.T.)
Notification to amend Courier Regulations 1998 -reg

Date: 09-10-2019
Notification No. 74 /2019-Customs (N.T.)
Notification to amend Courier Regulations 2010 -reg

Date: 09-10-2019
Notification No. 44/2019 – Central Tax
Seeks to prescribe the due date for furnishing of return in FORM GSTR-3B for the months of October, 2019 to March, 2020.

Date: 09-10-2019
Notification No. 45/2019 – Central Tax
Seeks to prescribe the due date for furnishing FORM GSTR-1 for registered persons having aggregate turnover of up to 1.5 crore rupees for the quarters from October, 2019 to March, 2020.

Date: 09-10-2019
Notification No. 46/2019 – Central Tax
Seeks to prescribe the due date for furnishing of return in FORM GSTR-1 for registered persons having aggregate turnover more than 1.5 crore rupees for the months of October, 2019 to March, 2020.

Date: 09-10-2019
Notification No. 47/2019 – Central Tax
Seeks to make filing of annual return under section 44 (1) of CGST Act for F.Y. 2017-18 and 2018-19 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date.

Date: 09-10-2019
Notification No. 48/2019 – Central Tax
Seeks to amend notification No. 41/2019 – Central Tax, dated the 31st August, 2019.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001