The Indian rupee declined against the U.S. dollar in the morning session on Monday. The U.S.-China trade conflict escalated after a new round of tariffs on each other's exports took effect over the weekend.
U.S. tariffs on about $112 billion worth of Chinese imports went into effect on Sunday, while China started to impose retaliatory tariffs on some of the $75 billion worth of U.S. goods it has targeted.
The Indian rupee declined to a 4-day low of 71.89 against the greenback. If the rupee slides further, 74.00 is likely seen as its next support level.
Indian stock markets remained closed on account of Ganesh Chaturthi. They will resume trading on Tuesday.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2142427/
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