Indian Rupee Plunges To Record Low Against UAE Dirham As Trump Tariffs Rattle Asian Currencies
(MENAFN- Khaleej Times)
The Indian rupee weakened past 87 per U.S. dollar (23.70 UAE dirhams) for the first time on Monday, as Asian currencies slumped after U.S. President Donald trump imposed tariffs on the country's largest trading partners, driving a surge in the U.S. dollar.
The rupee dropped 0.5 per cent to a low of 87.07 (23.72 UAE dirham) in early trade, with traders expecting the currency to face further losses throughout the day.
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Trump, in three executive orders in the weekend, imposed 25 per cent tariffs on Mexican and most Canadian imports, and 10 per cent on goods from China, starting on Tuesday.
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The dollar index was up 0.3 per cent at 109.8, while Asian currencies weakened, with the offshore Chinese yuan - a closely watched counterpart of the rupee - down 0.5 per cent at 7.35 per U.S. dollar.
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