Mumbai: The rupee today nosedived 39 paise to hit a near one-month
low of 68.38 against the US dollar as escalating trade threats between the
world's two biggest economies continued to spiral. Increasing prospects for a
full-blown US-China trade war triggered a risk-off atmosphere in many global
currency markets after US President Donald Trump ordered to impose another
round of tariffs on more Chinese goods, prompting China to retaliate.
World stocks too reacted negatively with significant falls in Asia that carried through to Europe. Domestic forex market sentiment succumbed to bouts of pressure on revival of fresh global trade war fears and concerns about possibility that the adverse US trade policy will have a substantial impact on the Indian economy.
The rapid surge in global crude oil prices has already had an adverse impact on the country's fiscal arithmetic.
World stocks too reacted negatively with significant falls in Asia that carried through to Europe. Domestic forex market sentiment succumbed to bouts of pressure on revival of fresh global trade war fears and concerns about possibility that the adverse US trade policy will have a substantial impact on the Indian economy.
The rapid surge in global crude oil prices has already had an adverse impact on the country's fiscal arithmetic.
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