Indian rupee slipped to 87 against dollar to a record low

NEW DELHI: The rupee fell by 67 paise in early trade,on Monday to an all-time low of 87.29 per dollar. The local currency has fallen sharply amid fears of a wider trade war after US President Donald Trump signed an order to impose tariffs on Canada, Mexico and China.

Forex traders said that Donald Trump has imposed 25 percent tariffs on Canada and Mexico and 10 percent on China. This step is the first step towards a devastating global trade war.

The rupee reportedly remained under pressure due to the strong US currency in foreign markets due to continued foreign capital outflow and continued demand for the dollar from oil importers. The rupee opened at 87.00 per dollar in the interbank foreign exchange market and after initial deals, it fell by 67 paise to 87.29 against the dollar.

The rupee closed at 86.62 against the US currency on Friday. Meanwhile, the dollar index, which shows the position of the US dollar against six major currencies, rose by 1.30 percent to 109.77. International standard Brent crude rose 0.71 percent to $ 76.21 per barrel. According to stock market data, foreign institutional investors (FIIs) were sellers on Saturday and sold shares worth Rs 1,327.09 crore net.

It is worth noting that America's Trump signed an order on Saturday to impose strict tariffs on goods imported from Mexico, Canada and China, immediately after which the fear of trade war has increased due to retaliatory action by the country's North American neighbors.

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