The Indian rupee fell beyond 87 per US dollar for the first time on Monday, as Asian currencies declined following US President Donald Trump’s tariffs on major trading partners, strengthening the US dollar.
Rupee Hits 87.07 Amid Expected Further Decline
The rupee declined by 0.5% to hit a low of 87.07 in early trading, with traders anticipating further depreciation throughout the day.
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Over the weekend, Trump signed three executive orders imposing 25% tariffs on imports from Mexico and most of Canada, along with a 10% tariff on Chinese goods, effective Tuesday.
The dollar index was up 0.3% at 109.8, while Asian currencies weakened, with the offshore Chinese yuan – a closely watched counterpart of the rupee – down 0.5% at 7.35 per US dollar.
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