Rupee breahes 87 per US dollar for first time
STC NEWS MONITORING DESK
FEBRUARY 03 (STC): The Indian rupee opened at a record low on Monday, breaching 87 per US dollar for the first time, as Asian currencies slumped amid a surge in US dollar after US President Donald Trump imposed tariffs on the country’s largest trading partners.
The rupee dropped 0.5% to a low of 87.07 per dollar in early trade, as against its previous close of 86.61/USD.
The dollar index was up 0.3% at 109.8, while Asian currencies weakened, with the offshore Chinese yuan down 0.5% at 7.35 per US dollar, Reuters reported.
Over the weekend, Donald Trump imposed 25% tariffs on Mexican and most Canadian imports, and 10% on goods from China, starting on Tuesday. Mexico and Canada – the US’ top two trading partners – retaliated while China said it would take unspecified countermeasures.
A surge in crude oil prices also pressurized the local currency. Crude oil prices surged on worries over escalating trade war. (STC)
