Indian rupee falls as dollar demand rises

The Indian rupee depreciated on Monday due to increased demand for the dollar at the daily reference rate, while the Chinese yuan declined amid concerns over the country’s economy and the ongoing global trade tensions.

The rupee fell by 0.4 per cent to 87.26 against the US dollar at 9:45 am IST. The daily fix, known as the reference rate, was set at a premium of 1/1.20 paisa, indicating robust demand for the dollar, according to a trader.

The dollar index rose to 103.8, rebounding from a recent low after US job data fell slightly below expectations.

Attribution: Reuters
Subediting: M. S. Salama