Stocks fell and metals prices slumped to their lowest in a year on Wednesday, as U.S. threats of tariffs on an additional $200 billion worth of Chinese goods pushed the world’s two biggest economies ever closer to a full-scale trade war.
The rupee lost another 12 paise to close at fresh 16-month low of 68.12 against the US currency on sustained dollar demand from importers and corporates.
World stocks fell on Tuesday as investors digested soft Chinese economic data and a lack of progress in U.S.-China trade talks, while a rise in U.S. borrowing costs supported the dollar.
Snapping a three-session winning run, equity benchmarks ended modestly lower today as investors retreated to the sidelines amid firm oil prices and a weakening rupee.
Share mkts faltered as rising Sino-US trade tensions overshadowed a bounce on Wall St and left investors reluctant to take positions in anything but the safest of assets.
The rupee retreated from its day's high of 65.28 to close flat against the US currency due to fag-end demand for the greenback amid ballooning trade deficit.