Rupee slips 76 paise in early trade against dollar
NEW DELHI: The rupee plunged over 76 paise to 72.61 against the US dollar in early trade
on Monday despite an array of steps announced by the government
on Friday to contain the widening CAD and check the currency fall.
The local currency opened 67 paise down at 72.52 against dollar.
The government measures include removal of withholding tax on Masala bonds, relaxation for FPIs, and curbs on non-essential imports to stem rupee's decline.
The country’s exports rose at the fastest pace in three months to reach $27.84 billion in August on account of healthy growth in petroleum products, engineering, pharma, and gems and jewellery shipments. Imports too grew by 25.41 per cent in August to $45.24 billion due to costlier crude oil shipments.
Meanwhile, Asian share markets were mostly trading in the red Monday amid reports that Washington was about to announce a new round of tariffs on Chinese imports, setting the stage for possible reprisals by Beijing.
The BSE Sensex was down 277 points, or 0.73 per cent at 37813.87 in early trade, while the 50-share NSE Nifty index was down 76 points, or 0.66 per cent, at 11438.
The local currency opened 67 paise down at 72.52 against dollar.
The government measures include removal of withholding tax on Masala bonds, relaxation for FPIs, and curbs on non-essential imports to stem rupee's decline.
The country’s exports rose at the fastest pace in three months to reach $27.84 billion in August on account of healthy growth in petroleum products, engineering, pharma, and gems and jewellery shipments. Imports too grew by 25.41 per cent in August to $45.24 billion due to costlier crude oil shipments.
Meanwhile, Asian share markets were mostly trading in the red Monday amid reports that Washington was about to announce a new round of tariffs on Chinese imports, setting the stage for possible reprisals by Beijing.
The BSE Sensex was down 277 points, or 0.73 per cent at 37813.87 in early trade, while the 50-share NSE Nifty index was down 76 points, or 0.66 per cent, at 11438.