The Indian rupee weakened past 87 to the U.S. dollar for the first time ever on Monday in the wake of a slump in Asian currencies and equities after U.S. President Donald Trump's tariff threats became a reality.
The rupee dropped to an all-time low of 87.1450 per dollar, down 0.6% from Friday. The rupee's losses since the beginning of October are now
"The macros look stacked up against the rupee and we expect it to stay under pressure over the next 6-8 weeks," said Anshul Chandak, head of treasury at RBL Bank.
On Saturday, Trump levied tariffs on Canada, Mexico and China, drawing an immediate response from Canada and fuelling worries of a trade war. Mexican President Claudia Sheinbaum said she would be implementing retaliatory tariffs.
Source Name : Economic Times