News WrapGet Handpicked Stories from our editors directly to your mailbox

Rupee starts the week lower at 71.98 for a US dollar

A rupee note is seen in this illustration photo.  Photograph:( Reuters )

ANI Mumbai, Maharashtra, India Aug 26, 2019, 10.56 AM (IST)

The Indian rupee opened the week lower and slipped by 32 paise at 71.98 per dollar in early trade on Monday against its previous close 71.66.

The Indian currency rose on Friday on hopes of revival measures from Finance Minister Nirmala Sitharaman who announced the first stimulus package for India Inc amid the domestic and global economic slowdown.

Market experts said the rupee's lower opening was largely due to weak global cues. 

Both Asian and US markets crashed after the US-China trade war intensified.

Meanwhile, China`s yuan slumped to a fresh 11-year low against the dollar. 

The offshore yuan fell to a record low of 7.1850, before regaining some ground to around 7.1595.

On Friday, US President Donald Trump announced an additional duty on 550 billion dollars of targeted Chinese goods after China unveiled retaliatory tariffs on 75 billion dollars worth of American goods.