Ethical Research - Rupee opens lower by 8 paise at 71.09/$

The Indian rupee opened lower by 8 paise at 71.09 against the US Dollar on Wednesday.

Indian government bonds fell as much as 3 basis points to 6.75% in early trade as US Treasury yields and crude oil prices fell overnight after US President Donald Trump said that he would not accept a “bad deal” in trade negotiations with China.

On the international front, Trump accused China of unfair trade practices and said he would not accept a “bad deal” in US-China trade negotiations. Further, the Asian Development Bank on Wednesday sharply cut India’s growth forecast to 6.5% for the current fiscal, weighed down by the GDP growth rate dipping to a six-year low in the first quarter.

On the economy front, the RBI policy meeting is scheduled in the first week of October.

The local unit on Tuesday depreciated by 7 paise to close at 71.01 against the US dollar as foreign fund outflows and a pause in equity market rally weakened forex market sentiment.

Quick Trial – 9407533858
or mail us here - support@ethicalresearch.co.in
or visit - http://ethicalresearch.co.in/home/freetrial