Indian rupee reaches 19.21 against the UAE dirham

Rupee slipped to lowest level since May 17 against the US dollar
Indian rupee reaches 19.21 against the UAE dirham
The rupee slipped to its lowest level since May 17 against the US dollar.
By Gavin Gibbon
Mon 05 Aug 2019 10:25 AM

The Indian rupee reached 19.21 against the UAE dirham on Monday morning, as uncertainty over a potential announcement on the troubled Jammu and Kashmir state added to a yuan-driven sell-off.

The BSE Sensex was trading at 36,558.22, down 560 points, or 1.51 percent, while the NSE Nifty was at 10,811.25, down 186.10 points, or 1.69 percent.

Meanwhile, the rupee slipped to its lowest level since May 17 against the US dollar.

It opened lower by 55 paise at 70.14 per dollar on Monday against Friday's close 69.59.

A report by Moneycontrol News revealed the rupee dropped 54 paise on August 2 to close at 69.60 against the US dollar, a low of over six weeks, as climbing crude oil prices and rising trade tensions between the US and China weighed on emerging market currencies.

The Chinese yuan fell to its lowest level against the dollar since August 2010 in morning trade on Monday, largely due to US President Donald Trump's plan to impose fresh tariffs on another $300 billion worth of Chinese goods, which Beijing vowed to retaliate.

The onshore yuan also fell, hitting 7.0307 on Monday morning trade to reach its lowest level since 2008.

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