The Indian rupee slipped for a second straight week against the dollar

The Indian rupee slipped for a second straight week against the dollar

17 May 2019 06:04 PM
 
The Indian rupee slipped for a second straight week against the dollar, weighed by a decline in the Chinese Yuan amid escalation in U.S.-China trade tensions, while crude oil prices rallied. The rupee settled at 70.22 to a dollar, against 70.03 at the previous close. It opened at the day’s low of 70.26 and rose to the day’s high of 70.08, as shares rallied ahead of election exit polls at home. Most Asian currencies ended lower against the dollar. On a weekly basis, the rupee slipped 0.4%, adding to last week’s 1% depreciation. Rupee depreciated as the trade war between China and the U.S. escalated, but since shares rallied in run-up to the exit polls, the fall for the week was not significant

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