Indian rupee hits record low amid US tariffs

The Indian rupee hit a record low on Monday due to tariffs imposed by US President Donald Trump on imports from India’s top three trade partners, sparking concerns of a trade war and causing turmoil in global markets.

The rupee fell to 87.28 against the US dollar before ending the day at 87.1850, marking a decrease of almost 0.7 per cent. This was the largest percentage drop in a single day since January 13th.

Asian currencies dropped as the dollar strengthened due to Trump’s new tariffs. The tariffs, which will be imposed on Mexican, Canadian, and Chinese imports, range from 10 per cent to 25 per cent and will take effect on Tuesday.

Attribution: Reuters

Subediting: M. S. Salama