The Indian rupee started the week lower. The currency slipped by 32 paise at 71.98 per dollar in early trade against its previous close 71.66/$.
The local unit rose on Friday on hopes of revival measures from the FM, who later announced the first installment of the much-required stimulus package for India Inc. The Sensex and Nifty opened gap up on Monday, making a stellar opening for the week.
The rupee's lower opening can likely be attributed to weak global cues. Both Asian and US markets crashed after the US-China trade war intensified.
China decided to impose higher tarriffs on $75bn on US goods after President Donald Trump tweeted that America would hike tariffs on $250bn worth of Chinese goods to 30% from 25% on Friday
The offshore Chinese yuan plunged to a record low of 7.1858/$. The US dollar index, which tracks the US dollar's strength against a basket of its peers, was at 97.694 after hovering around 98.0 in the last week.
The Australian dollar also dipped from highs above $0.678 last week.
Brent crude futures fell to $58/bbl levels as demand concerns rose with the escalation of trade war between the world's largest economies.
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