Rupee suffers biggest slump in 6 yrs

The rupee on Monday crashed by 113 paise -- the biggest single-day drop in past six years -- to close at a five-month low of 70.73 due to heavy capital outflows by investors anxious over the U.S-China trade tension, a sharp devaluation in yuan and uncertainty over Kashmir issue.

This was the third straight session of fall for the rupee, during which it lost a massive 194 paise.

The U.S-China trade-related concerns weighed on the investor community and kept the pressure on the Indian rupee, forex traders said.

"India's rupee tumbled the most since December triggered by depreciating Yuan. Chinese Yuan weakened beyond 7 per dollar for the first time since 2008, signalling a new phase in the trade war between U.S and China," said V.K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.