Rupee falls 50 paise to 86.26 against dollar amid looming trade war

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.06 per cent higher at 103.03

- OUR CORRESPONDENT

MUMBAI: Declining for the third straight session, the rupee tumbled 50 paise to settle at 86.26 against the US dollar on Tuesday, logging the maximum single-day loss in nearly three months amid a looming global trade war stoking fears of economic meltdown.

According to forex traders, some recovery in crude oil prices and continued foreign capital outflows also dented sentiments.

Besides, the global markets have been facing extreme volatility following a fresh threat by the US administration to impose a punitive 50 per cent tariff against China's retaliatory 34 per cent import levies on American products, they added.