Rupee plunges 67 paise to hit record low of 87.29 against US dollar

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Rupee plunges 67 paise to hit record low of 87.29 against US dollar - Business Standard

Quick Summary:

The rupee continued to face pressure due to sustained foreign fund outflows and the broad strength of the American currency in the overseas markets due to unabated dollar demand from oil importers and weak risk appetite, they added.

The rupee depreciated 67 paise to hit record low of 87.29 against the US dollar in early trade on Monday after Trump Tariffs on Canada Mexico and China triggered fears of a broad trade war.

Donald Trump slapped Canada and Mexico with 25 per cent duties and China with a 10 per cent duty, The move was the first strike in what could usher a destructive global trade war, forex traders said.