Rupee opens 27 paise lower at 72.47 against US dollar
The Indian rupee has opened sharply lower on first day of the week, falling 27 paise on strong dollar demand.
The currency started off Monday trade at 72.47 to the dollar against Friday’s close of 72.20 a dollar.
Last week, the rupee fell half a percent, continuing to post losses for fourth consecutive week against dollar.
The currency declined 13.5 percent year-to-date due to strong US greenback coupled with a collapse in emerging market currencies and escalation of global trade war.
The US dollar has risen more than seven percent since the country started imposing tariffs on imports, pressurising other global currencies. The economic crisis in Turkey and Argentina too worsened the sentiment.
“The impact of trade standoff between the world’s top two economies and its implications on the Indian economy is still unclear, but evidently, it hit the domestic currency,” Hareesh V of Geojit Financial Services.