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Rupee Opens Lower At 71.98/ Dollar


Rupee in Monday's trade resumed trade at a weaker note at 71.98 as Chinese currency's drift to its lowest levels in 11 years due to escalating trade war,which weighed on Indian rupee.

Rupee on Friday after breaching new lows of 2019 of 72.03 per dollar regained some lost ground to end higher at 71.61.

The gains came on the back of likely stimulus measures which were announced after the market hours.

Rupee Opens Lower At 71.98/ Dollar

The government announced a slew of measures from relief from surcharge for both FPIs and domestic investors, auto sector revival through some of the measures including pushing sales by way of the centre buying vehicles, also the refund due will be released as early as in a month's time.

Nonetheless, on the global front escalating US-China trade war may still take away the likely relief that may have come partially due to the calibrated stimulus package.

Gold has also gained ground after US Powell's statements and Trump reciprocation on it wherein he asked US companies' to look at ways to wind up operations in China.

Experts see benchmark indices to be based around current levels.

Yield on benchmark 10-year bonds stood at 6.574% per annum.

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