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The rupee nosedived 39 paise, on Tuesday, to hit a near one-month low of 68.38 against the US dollar as escalating trade threats between the US and China continued to spiral. World stocks, too, reacted negatively with significant falls in Asia that carried through to Europe.
Earlier, the rupee opened almost flat at 67.98 from the overnight close of 67.99 at the interbank foreign exchange (forex) market. But later in a deeper risk-off reaction, the local unit descended sharply to hit a low of 68.39 before closing at 68.38, showing a massive loss of 39 paise, or 0.57 per cent. This is the lowest closing for the currency since May 23.
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