Rupee slides further, opens 17 paise lower at 69.88 against US dollar

The domestic unit on Wednesday fell further by 28 paise to 69.71, extending its losses for the third straight day due to escalating US-China trade tensions and a massive sell-off in equity markets.

Continuing with its slide, the rupee on Thursday opened 17 paise lower at 69.88 against the US dollar amid foreign fund outflows and weak global cues. The domestic unit on Wednesday fell further by 28 paise to 69.71, extending its losses for the third straight day due to escalating US-China trade tensions and a massive sell-off in domestic equity markets. 

"Growing trade tension between the US and China lead concern for global growth and trade. Chinese Yuan becomes the worst performer among Asian Currencies after US President Trump's tweet on hiking tariff on Chinese goods from May 10," V K Sharma,