The Indian Rupee plummeted by 31 paise to close at 95.67 (provisional) against the U.S. dollar on Wednesday after the U.S. Trade Representative proposed 12.5% additional duties on Indian imports, citing labor violations.
At the interbank foreign exchange market, the rupee opened at 95.43 against the U.S. dollar, then touched an intraday low of 95.80 and finally ended the session at 95.67 (provisional), down 31 paise from its previous close. Yesterday, the rupee depreciated 17 paise to close at 95.36 against the U.S. dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.34, up 0.13%.
The U.S. Trade Representative has proposed 12.5% additional duties on 54 countries, including India, for failing to prohibit the import of goods produced with forced labour. In response the centre said India is engaged with the U.S. on the Section 301 investigations over concerns related to forced labour and excess industrial capacity.
Analysts are eying the Monetary Policy Committee of the Reserve Bank of India (RBI MPC) rate decision on June 5, hoping for good.
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