GUWAHATI: The Indian rupee depreciated by 67 paise to hit an all-time low of 87.29 against the US dollar in early trade on Monday, February 3, following renewed concerns of a global trade war. As per reports, the decline came after former US President Donald Trump imposed tariffs of 25 per cent on Canada and Mexico and a 10 per cent duty on China, triggering fears of widespread economic repercussions.
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According to the reports, the rupee faced continued pressure due to sustained foreign fund outflows and the strengthening of the US dollar in international markets. The demand for the greenback remained high, particularly from oil importers, while weak risk appetite further weighed on the domestic currency.
At the interbank foreign exchange market, the rupee opened at 87.00 before slipping further to 87.29 in initial trades, marking a steep drop from its previous close of 86.62 on Friday, when it had settled flat.
Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six major currencies, surged by 1.30 per cent to 109.77, adding to the rupee’s woes. Market analysts believe that unless global economic conditions stabilise, the rupee could remain under pressure in the coming days.
