Rupee drops 26 paise at 69.31 against US Dollar after Trump adds tariffs

The yield on the 10-year government bond was at down 10bps at 6.334%, compared with Thursday's close of 6.422%.

Aug 02, 2019 04:08 IST India Infoline News Service

Indian Rupee
The Indian rupee extended its yesterday’s losses after crude oil prices spiked following US President Trump’s move to impose more tariffs on China.

The rupee fell by 26 paise in the morning trade at 69.31/$. The yield on the 10-year government bond was at down 10bps at 6.334%, compared with Thursday's close of 6.422%.

The local unit on Thursday closed lower at 69.24 per dollar.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was up 0.05% at 98.423 from its previous close of 98.369.

Further, Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs1,057cr on Thursday, as per NSE data.

Meanwhile, oil prices rose around 1%, steadying after an overnight plunge following US President Donald Trump's move to impose more tariffs on Chinese imports, intensifying a trade war that has hit global growth. Brent crude rose 2.6% to $62.09/barrel, while US crude was up 2.06% at $55.05/barrel. Brent crude slumped more than 7% on Thursday, its steepest drop in more than 3-years. US crude fell nearly 8%, posting its worst day in more than 4-years.

On the economy front, India’s total gross GST revenue collected in July 2019 is Rs1.02 lakh cr of which CGST is Rs17,912cr, SGST is Rs25,008cr, IGST is Rs50,612cr (including Rs24,246cr collected on imports) and Cess is Rs8,551cr (including Rs797cr collected on imports).

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