MUMBAI: The rupee fell 41 paise against the dollar on Wednesday, tracking weakness in the yuan. The local unit, which closed at 86.27 on Tuesday, declined to a three-week low of 86.71 before settling at 86.68. In three days the rupee has weakened by 144 paise against the dollar.
The stock market traded steady on Wednesday despite escalation of the US-China tariff war and closed marginally down. RBI decision to cut interest rates by an expected 25-basis points (100bps = 1 percentage point), did not have much impact on Dalal Street investors as that was already discounted by investors in the run-up to the rate setting committee meeting. The stock market will open next on Friday as Thursday is a trading holiday on account of Mahavir Jayanti.
