North News
Mumbai, February 3
The Indian rupee tumbled to a record low of 87.29 against the US dollar on Monday, weighed down by fears of a global trade war after US President Donald Trump imposed fresh tariffs on Canada, Mexico, and China. The rupee opened at 87.00 at the interbank foreign exchange and fell further by 67 paise in early trade. It has depreciated nearly 4 percent since October 2024, the news outlet India Today reported. The sharp decline followed three executive orders signed by Trump over the weekend, imposing 25% tariffs on Mexican and Canadian imports and 10% on goods from China, starting Tuesday. The move strengthened the US dollar, pressuring global currencies, including the Indian rupee and Chinese yuan, the news outlet NDTV said.
Forex traders cited sustained foreign fund outflows, strong dollar demand from oil importers, and weak risk appetite as key factors behind the rupee’s continued slide. Asian currencies and equities also fell following the US trade measures.
