Rupee falls against US dollar amid border tension with China

Reversing earlier gains, Indian currency today slipped against the US dollar amid border tension with China. The rupee fell to 76.24 against the US dollar at day's low as compared to previous close of 76.03. So far during the day, the rupee traded in the range of 75.77-76.24. Indian stock markets also gave up strong intra-day gains to turn flat in late trade.

The rupee opened strong at 75.89 against the US dollar, then gained further ground and touched 75.77 against the US dollar. It had settled at 76.03 against the greenback on Monday.

An Indian Army officer and two soldiers were killed during a violent confrontation with Chinese troops in the sensitive Galwan Valley in eastern Ladakh on Monday night, the Army said.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09%.

Overnight, the Fed launched its Main Street Lending Program and an emergency lifeline under which it will buy up to $750 billion in corporate bonds, lifting global risk sentiment.

Foreign institutional investors were net sellers in the capital market as they sold shares worth ₹2,960.33 crore on Monday, according to provisional exchange data.

Meanwhile, investor sentiment remained fragile amid rising coronavirus cases across the world.

The number of cases around the world linked to the disease has crossed 80.18 lakh and the death toll has topped 4.36 lakh.

In India, the death toll due to COVID-19 rose to 9,900 and the number of infections rose to 3,43,091, according to the health ministry

Source - LIVE MINT

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