Rupee Opens 5 Paise Lower At 68.18 Against Dollar

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ETMarkets.com|

Updated: Jun 26, 2018, 09.38 AM IST

rupee--bccl
The domestic currency on Monday took a severe beating and ended lower by 29 paise at 68.13 against the greenback.

NEW DELHI: Keeping up with its free fall, the

rupee

on Tuesday opened 5 paise lower at 68.18 against the US dollar.

The domestic currency on Monday took a severe beating and ended lower by 29 paise at 68.13 against the greenback due to month-end demand for the American unit from importers and banks.

The domestic unit remained under pressure as fears of an escalating trade conflict between the US and China ratcheted up another notch following Trumps latest threat aiming at Chinese investments - a move which could have great long-term consequences on the US-Sino economic ties.

The simmering trade dispute between US and its major trading partners remains a critical issue for global markets.

On the global front, oil prices rose on Tuesday on uncertainty over Libyan oil exports, although plans by producer cartel Opec to raise output continued to drag, Reuters reported.

Global stocks extended a sell-off as an escalating trade fight between the United States and other major economies steered investors away from riskier assets, lifting safe-haven US Treasuries and keeping the dollar on the defensive, Reuters added.



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