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The Indian rupee fell to an all-time low of 88.3 against the United States dollar on Friday amid concerns about Washington’s 50% tariff rate on goods imported from the country, reported Reuters.
The rupee fell by 0.65% to end at 88.19, marking its biggest one-day loss in nearly three months.
The currency had hit its previous lowest level of 87.95 in February. The rupee is Asia’s worst-performing currency this year, Bloomberg reported.
The US tariffs took effect on Wednesday, nearly twenty days after the Donald Trump administration announced that it would double the levies on goods imported from India for purchasing Russian oil amid the Ukraine war. A 25% so-called reciprocal tariff had already taken effect.
“The US tariffs are likely to prolong India’s balance of payment stress, keep financial flows weak, and widen the trade deficit,” a foreign exchange strategist told Reuters.
The stock markets on Friday closed lower than the previous day, PTI reported
The Sensex dropped 270.92 points to settle at 79,809.65, while the broader 50-share NSE Nifty declined 74.05 points to close at 24,426.85.
This article first appeared on Scroll.in
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