Mumbai: The Indian Rupee shrank by 15 paise to 71.02 against the US dollar in early trade on Tuesday. This comes after the domestic currency gained 39 paise against dollar during early trade on Monday. Analysts attributed the fall to US President Donald Trump suggesting a tariff hike on Chinese goods.
The domestic currency opened weak along with other Asian currencies. At the interbank forex market, the rupee opened lower at 70.91 and further declined to 71.02- showing a fall of 15 paise over its previous close. On Monday, the rupee fell by 18 paise to close at 70.87 against the US dollar.
Forex dealers stated that fresh demand for the American currency from importers amid marginal rise in crude prices bogged down the domestic currency. Meanwhile, the Brent crude was trading higher by 0.28 per cent to USD 60.65 per barrel.
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Ms Kalinga