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Rupee falls 26 paise to 85.78 against US dollar in early trade on Trump tariffs |
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| 3-4-2025 | |||
Mumbai, Apr 3 (PTI) The rupee slumped 26 paise to 85.78 against the US dollar in early trade on Thursday, after US President Donald Trump unleashed reciprocal tariffs on about 60 countries. The US has announced 27 per cent reciprocal tariffs on India, saying New Delhi imposes high import duties on American goods, as the Donald Trump administration aims to reduce the country's trade deficit and boost manufacturing. The move is expected to impact India's exports to the US. However, experts say that India is better-placed than its competitors, who also face increased levies. Forex traders said, Trump's reciprocal tariffs sent shockwaves through the market, and investors sought for safe haven. At the interbank foreign exchange, the rupee opened at 85.77 against the greenback, then lost ground and touched 85.78, down 26 paise from its previous close. On Wednesday, the rupee had settled at 85.52 against the US dollar. The new tariffs would bring about a fully-blown trade war which could in turn trigger a sharp global economic slowdown, forex traders added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.72 per cent lower at 103.06. Brent crude, the global oil benchmark, fell 2.20 per cent to USD 73.30 per barrel in futures trade. The Indian rupee opened weak on risk aversion, as India was subjected to 27 per cent of tariffs, which was unexpected, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. The range today is expected between 85.50 to 86.00, and exporters may sell as rupee approaches 86.00, he added. In the domestic equity market, the 30-share BSE Sensex fell 324.40 points, or 0.42 per cent, to 76,293.04, while the Nifty declined 75.05 points, or 0.32 per cent, to 23,257.30 points. Foreign institutional investors (FIIs) offloaded equities worth Rs 1,538.88 crore on a net basis on Wednesday, according to exchange data. PTI DRR DR Source: PTI |
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