The Indian Rupee slipped in the early trade on August 5 as it opened at the lowest level since May 17 against the US dollar.

It opened lower by 55 paise at 70.14 per dollar on Monday against Friday’s close 69.59.

The rupee dived 54 paise on August 2 to close at an over six-week low of 69.60 against the US dollar as soaring crude oil prices and a fresh flare up in US-China trade tensions weighed on emerging market currencies, reported PTI

Global markets tumbled and safe-haven assets like the Japanese yen gained after President Donald Trump on Thursday announced that the US will impose an additional 10 percent tariff on USD 300 billion worth Chinese imports, which Beijing vowed to retaliate, it added.

It was weakest level since June 19 when it had settled at 69.68 against the American currency.

On a weekly basis, the rupee has declined 71 paise.

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