Tuesday, Apr 16, 2024 | Last Update : 03:36 PM IST
Rupee falls 12 paise to fresh 16-month low against dollar
Rupee is trading at 68.12 against a strengthening US dollar in early trade.
Mumbai: The rupee declined 12 paise to a fresh 16-month low of 68.12 against a strengthening US dollar in early trade on Monday after China and the US struck a deal to avert a trade war.
Traders attributed the rupee's fall to increased demand for the dollar from importers and banks after US Treasury Secretary Steven Mnuchin said the trade war with China was on hold, amid hopes of easing trade tensions between the two economies.
Higher crude oil prices and losses in Asian currencies to weighed in the domestic unit, they added.
On Friday, the rupee had lost 30 paise to end at 68 against the US currency on renewed dollar buying interest amid global macro challenges.
Meanwhile, the benchmark BSE Sensex recovered 125.65 points, or 0.36 per cent, to 34,973.95 in early trade on Monday.
