The dollar index, depicting the US dollar position, rose by 1.01 percent to 109.46.
The Indian currency i.e. the condition of the rupee is constantly being battered against the US dollar. The rupee closed at 87.17 (temporary) per dollar on Monday at the Interbank Forex Exchange Market on Monday. According to PTI news, this is the first time that the rupee has gone below 87 per dollar. This huge decline in local currency has come amid the possibility of a wider trade war after the US President Donald Trump’s signing order to impose fees on Canada, Mexico and China.
Fear of trading with a negative attitude of rupee
According to the news, the possibility of widespread trade war has been intensified by leopping in the US Dollar Index and levying 25 percent on Donald Trump’s Canada and Mexico and 10 percent on China. Its impact was also seen on the Indian currency and it reached its all -time lower level today.
Anuj Chaudhary, a research analyst at Mirae Asset Sharekhan, said we are expected to trading with a negative attitude of the rupee due to a strong US dollar and withdrawal of foreign capital amidst a weak trend in domestic markets. Concerns about the fees of US administration may also put pressure on the rupee.
US dollar condition strong
Meanwhile, the dollar index, showing the US dollar position against six major currencies, rose by 1.01 percent to 109.46. International standard Brent crude rose 1.41 percent to $ 76.74 per barrel. Meanwhile, the 30 -share BSE Sensex fell 319.22 points or 0.41 percent to 77,186.74 points and NSE Nifty slipped 121.10 points or 0.52 percent to 23,361.05 points. According to the stock market data, foreign institutional investors (FIIs) were selling on Saturday and purely sold shares worth Rs 1,327.09 crore.
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