Indian Rupee hits new low of 87.50 against US Dollar
What's the story
The Indian Rupee has touched a new low, trading at 87.50 against the US Dollar today.
The fall was witnessed against the backdrop of weak Asian equities.
The INR started the day at a slightly lower rate of 87.1263 against its previous close at 87.0762, marking an initial fall of 5p in value against the USD.
Market impact
Asian equities falter amid rising trade tensions
The fall in the value of the INR came as Asian equities dipped. This was mainly because Chinese shares opened lower after the Lunar New Year holidays, and rising trade tensions between China and the US.
Hong Kong's stock market also fell, while an index tracking Asian stocks gave up some of its earlier gains as China's market reopened today.
US trends
US market contracts and treasury yields rise
In the US, contracts for equities dipped slightly after shares of tech giant Alphabet Inc, Google's parent company, and AMD fell during extended trading hours.
Meanwhile, treasury yields rose slightly and the Japanese Yen strengthened against the Dollar.
These global market trends have also contributed to the depreciation of the Indian Rupee against the US Dollar.