On Monday, the weakness of the rupee persisted. India’s currency fell further to settle at a record low of 72.45 against the US dollar. The Indian unit plunged 0.98 percent on rising crude prices, a strengthening dollar and a widening current account deficit. 

The rupee hit an intraday low 72.67 on Monday, after it breached below the 72.50 mark for the first time against the US dollar earlier in the day.

“The rupee fell to a fresh record low level against as panic buying by importers triggered further sell-off in the currency. Escalating trade war concerns between the US and China are a still a hanging sword after the US President announced that he has tariffs ready to go on $267 billion worth of Chinese imports in addition to the $200 billion of its goods already facing the risk of duties,” said currency analyst Gaurang Somaiya.

The Economic Times reports how, after imposing an import tariff on Chinese goods, the US president now has an eye on Japan from whom he looks to take trade.

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