{"id":3711,"date":"2019-08-06T07:52:13","date_gmt":"2019-08-06T07:52:13","guid":{"rendered":"https:\/\/ncrfrontlinenews.com\/?p=3711"},"modified":"2019-08-06T07:52:13","modified_gmt":"2019-08-06T07:52:13","slug":"trade-war-kashmir-issue-dent-rupee-to-biggest-fall-in-6-years","status":"publish","type":"post","link":"https:\/\/ncrfrontlinenews.com\/?p=3711","title":{"rendered":"Trade war, Kashmir issue dent rupee to biggest fall in 6-years"},"content":{"rendered":"<p><strong>Mumbai, <\/strong>\u00a0Impact of the US-China trade war along with domestic political factors led the Indian rupee to its biggest fall since September 2013.<\/p>\n<p>Global cues, such as a rise in protectionist measures along with a massive fall in the Chinese Yuan and other emerging markets (EMs) currencies, dented the Indian rupee.<\/p>\n<p>Additionally, the abrogation of Article 370 which provided special status to Jammu and Kashmir, spooked foreign investors, further impacting the rupee.<\/p>\n<p>The Indian rupee weakened to 70.7350 per US dollar from its previous close of 69.6013.<\/p>\n<p>The currency had opened at 70.06 to a greenback. It ranged, thereafter, between 70.06-70.7350 to a dollar.<\/p>\n<p>&#8220;The rupee suffered one of its biggest falls today on the back of the heightened trade tensions between the US and China which led the Chinese yuan to depreciate to 7 per USD,&#8221; Anindya Banerjee, senior currency analyst at Kotak Securities, told IANS.<\/p>\n<p>&#8220;Apart from trade war, the abrogation of Article 370 and consequent domestic political tensions too weighed heavy on the rupee; as FIIs sold over Rs 2,000 cr in the equity segment.&#8221;<\/p>\n<p>Besides, market observers cited an apparent intervention from the central bank to defend the currency.<\/p>\n<p>The Reserve Bank of India (RBI) is known to intervene in the markets via intermediaries to buy or sell US dollars to keep the rupee in a stable orbit.<\/p>\n<p>According to Sajal Gupta, Head Forex and Rates, Edelweiss Securities: &#8220;The rupee depreciated in tandem with other Asian currencies. CNY depreciated to an 11-year low, the rupee too followed the same path and depreciated almost 1.7 per cent in a single day &#8212; biggest fall &#8212; since September 2013.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mumbai, \u00a0Impact of the US-China trade war along with domestic political factors led the Indian rupee to its biggest fall since September 2013. Global cues, such as a rise in protectionist measures along with a massive fall in the Chinese Yuan and other emerging markets (EMs) currencies, dented the Indian rupee. Additionally, the abrogation of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-3711","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/3711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3711"}],"version-history":[{"count":1,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/3711\/revisions"}],"predecessor-version":[{"id":3713,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/3711\/revisions\/3713"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/media\/3712"}],"wp:attachment":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}