The India Rupee declined the most about six years in a single day amid trade concerns between US and China, losing 113 paise or 1.6 per cent to close at 70.73 against the US Dollar. Since May 2019, Rupee breached the 70-level against US Dollar as China’s Yuan witnesses constant fall.
The global currency market was thrown in a turmoil, after China let its currency Yuan tumble beyond the key 7-per-dollar level for the first time in more than a decade.
After opening at 70.06 a USD, the rupee weakened to 70.74 at day’s low. The rupee also closed at the lowest point of the day at 70.74 a dollar on Monday.