New low against the US dollar as Rupee drops by 59 paise

On Monday, the rupee had opened a new low against the US dollar at 72.03 and declined to as much as 72.25 - down 59 paise from the previous close - in afternoon deals. This had been marked as the lowest intraday level recorded for the rupee so far in the year 2019.

The rupee was last seen trading 35 paise - or 0.49 per cent - lower at 72.01 against the greenback. In the first half of the session, the rupee was moved in a range of 71.91-72.24 against the US currency.

Domestic equity markets gave up most of the day's gains, after rising more than 1 per cent following the announcement of measures by the government to shore up the economy.

"In another round of escalation in the US-China trade war, both sides increased tariffs further… This escalation has dampened risk sentiment globally," forex advisory firm IFA Global said in a note.

IFA Global expects the rupee to move in a range of 71.70-72.20 in the near term with an upside bias.

Last Friday, the rupee had gained by 15 paise to close at 71.66 against the dollar.