Rupee Falls On US-China Trade Deal Uncertainty

Rupee Falls On US-China Trade Deal Uncertainty

19 Nov 2019 10:39 AM

The Indian rupee was lower against the dollar in early session, in line with most regional currencies, as uncertainty about the U.S.-China trade deal weighed on risk appetite.

The rupee was trading at 71.92 to a dollar against its previous close of 71.84. The local unit opened at 71.91 and fell to day’s low of 72.00.

Most Asian currencies were lower against the dollar following mixed developments on the U.S.-China trade front.

While the U.S. granted another three-month extension for American companies to do business with China’s Huawei Technologies, CNBC reported that the mood in China about a trade deal is pessimistic on account of President Donald Trump’s reluctance to remove tariffs. Trump last week said that he had not decided anything on scrapping tariffs after China’s Commerce Ministry earlier said that tariffs could be rolled back as part of the interim trade deal.