Rupee weakens against US dollar on sell-off in global equity markets

At 10.30 am, the rupee was trading at 65.14 against the US dollar, down 4 paise or 0.06%.

The rupee fell 4 paise against the US dollar to trade at 65.14 in early deals on Friday, following sharp losses in global equity markets after US President Donald Trump imposed $60 billion of tariffs on Chinese imports.

On Thursday, the rupee had ended 10 paise higher to close at 65.11 against the US currency on foreign fund inflows after the US Federal Reserve stuck to its outlook of three rate hikes this year. (Hemant Mishra/Mint)

Trump on Thursday directed the US trade representative to level tariffs on about $60 billion worth of Chinese imports after a seven-month investigation into the intellectual property theft, which has been a longstanding point of contention in US-China trade relations.

| Read: Trump hits $50 billion of China goods amid fears of trade war

On Thursday, the rupee had ended 10 paise higher to close at 65.11 against the US currency on foreign fund inflows after the US Federal Reserve stuck to its outlook of three rate hikes this year.

Meanwhile, on a net basis, foreign institutional investors (FIIs) bought shares worth Rs 161.11 crore, while domestic institutional investors (DIIs) made purchases worth Rs 409.89 crore on Thursday, provisional data showed.

The benchmark BSE Sensex cracked below the 33,000-mark by plunging 471.44 points, or 1.42%, to 32,534.83, while the broader NSE Nifty dipped below the 10,000 in opening trade.