Rupee drops by 12 paise at 71.80 against US Dollar

The Indian rupee ended flat at 71.66 to the US dollar amid the emergence of fresh worries over the global trade war.

Dec 04, 2019 04:12 IST India Infoline News Service

Rupee
The Indian rupee fell by 12 paise in the opening trade on Wednesday at 71.80/$ vs. Tuesday's close of 71.68/$.

The rupee on Tuesday ended flat at 71.66 to the US dollar amid the emergence of fresh worries over the global trade war.

On the economy front, global rating agency S&P has reaffirmed sovereign rating of India with a stable outlook, as per media reports. The rating action comes weeks after another global agency Moody's Investors Service lowered the country's rating outlook to "negative" from "stable", the media reports added.

Besides, Foreign Institutional Investors (FIIs) sold shares worth Rs1,131.12cr, while domestic institutional investors (DIIs) bought shares of worth Rs963.97cr on December 3, provisional data available on the NSE showed.

Back home, the Sensex fell 112 points and the Nifty is down 36 points at 11,959.

Asian stock markets fell on Wednesday morning after US President Donald Trump said that he may delay a trade deal with China till after the 2020 US Presidential election.

Further, oil prices gained in advance of a meeting of OPEC and its allies to discuss whether to extend production curbs to support the market and following industry data showing that US crude stockpiles fell more than expected.

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