The announcement of Home Minister Amit Shah in Rajya Sabha of repealing Article 370 had an immediate impact on the value of Indian rupee.
The rupee was trading down by 77 paise at 70.37 against the US dollar on Monday. The and US-China trade related concerns also had an impact.
In a highly volatile trade, the rupee opened at 70.20 at the interbank forex market and touched a low of 70.59 and a high of 70.18 against the American currency.
The domestic currency was trading at 70.37 against the American unit, down 77 paise over its previous closing price at 1211 hours.
The rupee had settled at 69.60 against the US dollar on Friday.
Forex traders said, besides the US-China trade related concerns, Home Minister Amit Shah’s news announcement on Jammu and Kashmir kept pressure on the Indian rupee.
Market participants were also trading the cautious path as the RBI's Monetary Policy Committee (MPC) meeting starts on Monday. The outcome of the meeting is expected on August 7.