The rupee slips 76 shots in the first trade against the dollar

NEW DELHI: The rupee plunged more than 76% to 72.61 against the US dollar in early trade
Monday despite a series of steps announced by the government
Friday to contain the enlarged CAD and check the fall of the currency.

The local currency opened 67 against 72.52 against the dollar.

Government measures include the removal of the Masala bond withholding, the easing of REITs and the limitation of non-essential imports to halt the decline of the rupee.

The country's exports grew at the fastest pace
in three months to $ 27.84 billion in August, driven by strong growth in shipments of petroleum products, engineering, pharmaceuticals, precious stones and jewelery. Imports also increased 25.41 percent in August, to $ 45.24 billion, due to more expensive crude oil shipments.

Meanwhile, Asian equity markets were trading primarily in the red
Monday According to reports, Washington was about to announce a new series of tariffs on Chinese imports, paving the way for possible retaliation by Beijing.

The BSE Sensex was down 277 points, or 0.73% to 37,813.87, while the 50-share NSE Nifty Index was down 76 points, or 0.66%, to 11438.