Indian Rupee Plunges to All-Time Low Amid US Tariff Concerns

The Indian rupee plummeted to a historic low against the US dollar on Monday, opening at 87.03, down 0.5% from its previous close of 86.6050. This sharp decline comes as Asian currencies slump in response to President Donald Trump's recent tariff threats against Canada, Mexico, and China. The rupee's fall reflects growing concerns over global trade tensions and their potential impact on emerging market economies. Traders reported that the Reserve Bank of India likely intervened to support the local currency, but the pressure from foreign portfolio outflows and rising crude oil prices continues to weigh heavily on the rupee.

Source: Reuters, February 3, 2025