Global trade tensions trigger a sharp fall in the Indian Rupee, amid concerns over an escalating trade war
The Indian Rupee slipped to a record low of 87.29 against the US dollar, dropping 67 paise early on Monday, as global markets reacted to US President Donald Trump’s tariff threats. The move came amid heightened trade war fears after Trump announced 25% tariffs on imports from Canada and Mexico and a 10% duty on Chinese goods, reported timesofindia.indiatimes.com.
Volatility in global markets leads to increased demand for the US dollar
As a result, forex traders have warned of potential long-term impacts on global trade, with the rupee continuing to face pressure from foreign fund outflows and growing dollar demand from oil importers.
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