Rupee bleeds ten paise while Dollar rises against major currencies amid a historic Donald-Kim meeting

Last Updated: Tue, Jun 12, 2018 10:36 hrs
FILE PHOTO: Illustration photo of an India Rupee note

The Indian Rupee slid by 10 paise against the US dollar in early trade even as the heads of the United States and North Korea met at a summit in Sentosa in Singapore.

One Dollar was equivalent of Rs 67.52 during this session.

On Monday, the Rupee ended 8 paise higher against the US currency at Rss 67.42 against the US currency. It cut a consecutive two day decline that the Rupee had posted.

Most major currencies were trading weaker against the Dollar. The Dollar was trading at a two week high against the Japanese Yen.

The dollar appreciated owing to hopes of a positive IIP and release of inflation data that the US economy could share in this week.

The summit at Sentosa, historic of sorts, has managed to bring together North Korean leader Kim Jong-Un with the US President Donald Trump.

The contrasting contours of geopolitical concerns have flummoxed trade pundits and left many investors bewildered. On Monday, the US president was photographed surrounded by French President Emmanuel Macron and German Chancellor Angela Merkel. The body language and the conversations around trade related concerns surrounding countries of the G7 majorly a Justin Trudeau led Canada prompted many to call it the next version of geopolitical concern.

But a day later, President Trump was shaking hands with North Korean military leader Kim Jong-Un, a historic first of sorts. The act doused talks of animosity and has managed to cool some of the pent-up geopolitical trade related thoughts.

More from Sify: