Rupee plunges by 0.24% today against dollar as Trump hints global trade war

Shrugging off gains in early trade on Monday, the Indian rupees were trading at 65.045 at around 1053 hours against dollar index - lower by 0.156 points or 0.24%.   

Rupee plunges by 0.24% today against dollar as Trump hints global trade war
Illustration photo of an India Rupee note. Photo: Reuters
Written By: ZeeBiz WebTeam
Updated: Mon, Mar 05, 2018
11:13 am
Mumbai, ZeeBiz WebDesk
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Rupee gives away early gains on Monday, and tumbled by more than 150 points against US dollar benchmark. Investing.com data stated that Indian rupee was trading at 65.045 at around 1053 hours against dollar index - lower by 0.156 points or 0.24%. 
 
In opening trade on Monday, the INR firmed 9 paise to 65.08 against the dollar. This was after the greenback came under pressure as US President Donald Trump's comments raised concerns of a global trade war, said Reuters report.
 
On Friday, Trump stated that  trade wars were good and easy to win. His plan to put tariffs on steel and aluminium imports reportedly triggered negative sentiments across overseas markets. 
 
Foreign portfolio investors (FPIs) purchased shares worth a net Rs 241.85 crore on net basis on Thursday, according to provisional exchange data. 
 
Earlier on Thursday, the rupee failed to benefit from highly bullish macroeconomic trends and ended virtually stable at 65.17 against the US dollar even as India regained title of world's fastest-growing major economy amid imminent Fed rate hike fears. On Friday, markets were closed on account of 'Holi' festival. 
 

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