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The rupee depreciated 85 paise to 72.69 against the dollar, despite the government’s steps to stem a steep fall in the currency, amid reports that the US could announce a new round of tariffs on Chinese imports later in the day.
After opening weak at 72.53, the domestic unit hovered in a range of 72.69 and 72.30 in the evening trade. The rupee ended at 72.49, down 65 paise at 5 pm local time.
According to forex dealers, the dollar rose against a basket of major currencies overseas, with investors cautiously awaiting news on the implementation of US tariffs on an additional $200 billion of Chinese imports.
On Friday, the rupee had gained 34 paise to close at a one-week high of 71.84 against the US dollar on positive macro data and hopes of policy intervention by the government to defend the volatile currency.
Meanwhile, the S&P BSE Sensex crashed 505.15 points or 1.33 per cent to 37,585.51 and the Nifty50 plunged 137.45 points or 1.19 per cent to 11,377.75 due to heavy selling in consumer durables, FMCG, banking and healthcare stocks.
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