Rupee hits fresh record low of 70.82 on Thursday against US dollar

The government will announce GDP data for April-June quarter later today. India likely grew 7.6% during the quarter, says a Reuters poll.

The rupee fall continued today, with the Indian currency breaching the 71 mark against the US dollar. The rupee had closed at 70.74 on Thursday. Sensex and Nifty are poised for a weak start with Singapore-traded SGX Nifty trading 20 points lower at 11,715. The government will announce GDP data for April-June quarter later today. India likely grew 7.6% during the quarter, propelled in part by an improvement in manufacturing and exports, a Reuters poll showed. Asian shares were under pressure today after reports US President Donald Trump was preparing to step up a trade war with Beijing and ready to impose more tariffs on Chinese imports. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.2% in early trade while Japan’s Nikkei dropped 0.8%.

Sensex and Nifty ended marginally lower on Thursday, as gains in consumer and healthcare were offset by losses in financial stocks, in volatile trade due to expiry of derivatives contracts at the end of the session. The benchmark BSE Sensex closed down 0.08% at 38,690.10, while the broader NSE Nifty ended 0.13% lower at 11,676.

Commodity corner: London copper prices fell in early Asian trade on Friday, weighed down by reports the United States is ready to impose tariffs on $200 billion more of Chinese goods as soon as the end of next week, even as growth in China’s manufacturing sector beat expectations. London Metal Exchange copper has traded lower for three straight sessions and is on course for a monthly drop of 4.2% in August, after a 4.9% plunge in July, amid fears the trade spat will crimp demand for industrial metals.

Asian markets struggle today

Asia markets were lower in morning trade on Friday as Wall Street ended its four-day winning streak in the last session, following a report that U.S. President Donald Trump voiced his support for moving forward with more proposed tariffs.

US markets end lower

US stocks snapped a four-day winning streak on Thursday after a report said President Donald Trump would support moving ahead with additional tariffs on Chinese imports as early as next week.

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Rupee hits fresh record low of 70.82 on Thursday against US dollar

The Indian rupee weakened to new all time lows against the US dollar, tracking losses from Asian currency market.