The Indian rupee weakened to around 88.25 per dollar on Friday, hitting an all-time low, pressured by ongoing concerns over steep US tariffs on Indian exports.
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Earlier this week, Washington imposed an additional 25% levy on imports linked to Russian oil purchases, effectively doubling duties to 50% and fueling concerns over the global competitiveness of Indian goods. Adding to the drag, overseas investors extended their selling streak in equities for a fourth session, offloading nearly Rs. 3,856.51 crores so far this month.
Meanwhile, the Reserve Bank of India, in its latest bulletin, cautioned that US trade measures pose downside risks, though resilient rural demand and steady consumption offer some support. Investors now look to India’s Q2 GDP report, expected to ease to 6.6% growth from 7.4%, and to US PCE inflation data that could guide the Federal Reserve’s next move.
Indian Rupee Depreciates by 0.74%
Top currency losers are
- Indian-Rupee (-0.74%)
- South Korean Won (-0.40%)
- Turkish Lira (-0.38%)
- Japanese Yen (-0.08%)
- British Pound (-0.23%)
- Euro (-0.03%).
- Gains are led by Dollar Index (0.11%).