Rupee Continues to Hit Fresh Low, Fuel Price Still Rising High

Rupee Continues to Hit Fresh Low, Fuel Price Still Rising High

New Delhi: Indian Rupee has hit the fresh low as it opened 36 paise down against the US Dollar at 72.10 on Monday. On the backdrop of the early trade on account of sustained buying of the American currency by banks and importers, the rupee went down to 72.18.

As per the reports of Reuters, the dollar inched higher against a basket of currencies on Monday following robust US August jobs data and amid fears of a potentially major escalation in the China-US trade conflict.

The US President Donald Trump warned on Friday that he was ready to slap tariffs on virtually all Chinese imports into the United States, threatening duties on another $267 billion of goods in addition to the $200 billion already facing the risk of duties.

The dollar index was up 0.06 per cent at 95.44, moving toward a three-week high of 95.737 hit on Tuesday last week.

Meanwhile, domestic equity markets opened in red following subdued global cues. The BSE Sensex was trading 90 points, or 0.23 per cent, down at 38,300 at around 9.20 am (IST), while the NSE Nifty index was down 30.95 points, or 0.27 per cent, at 11,558 at around the same time.

No Relief in the Rising Fuel Prices

Continuing their upward march, prices of fuel touched new peaks on Monday, with petrol and diesel retailing for Rs 80.73 and Rs 72.83 per litre in Delhi.

This comes amid a Bharat Bandh call from 21 Opposition parties, led by Congress, against the BJP.

In Delhi, petrol and diesel rose by 23 and 22 paise a litre respectively. In Mumbai, where prices are the highest, petrol and diesel are being sold at Rs 88.12 and Rs 77.32 per litre.

Although, the state government of Rajasthan has given some relief by decreasing the tax by 4 per cent due to which the fuel prices went down by Rs 2.50 per litre in the state. Several other states are also planning to slash down the taxes to give relief to the public from the rising fuel prices. The central government is paying no ears to the demand of slashing down the excise duty on petrol and diesel.