Rupee falls to four-month low at 87 against dollar amid US-India trade talks
The Indian rupee on Wednesday breached the 87-mark, standing at 87.48 at 3 pm. This is the lowest the rupee has fallen against the dollar since March 1, when it stood at 87.47.This comes after the uncertainty surrounding the US-India trade deal and the rising crude oil prices globally. The rupee closed at 86.50 on Sunday, and by Monday, it dropped to 86.77. Tuesday was the first time since March when it went past 87.US President Donald Trump has set a deadline of August 1 to finalise the trade deal between the US and India. He threatened that if a deal is not sealed by this date, a tariff of 20-25% will be imposed on India, according to sources. “I think India is a good friend, but it has levied higher tariffs than almost every other country. This will not continue like this. More tariffs can be imposed on India,” he said.According to the latest Reserve Bank of India (RBI) data, the central bank increased gold holdings amid global economic uncertainties. The gold reserves were up by $150 million to $84.499 billion during the previous week.(with inputs from syndicated feed)
The Indian rupee on Wednesday breached the 87-mark, standing at 87.48 at 3 pm. This is the lowest the rupee has fallen against the dollar since March 1, when it stood at 87.47.
This comes after the uncertainty surrounding the US-India trade deal and the rising crude oil prices globally. The rupee closed at 86.50 on Sunday, and by Monday, it dropped to 86.77. Tuesday was the first time since March when it went past 87.
US President Donald Trump has set a deadline of August 1 to finalise the trade deal between the US and India. He threatened that if a deal is not sealed by this date, a tariff of 20-25% will be imposed on India, according to sources.
“I think India is a good friend, but it has levied higher tariffs than almost every other country. This will not continue like this. More tariffs can be imposed on India,” he said.
According to the latest Reserve Bank of India (RBI) data, the central bank increased gold holdings amid global economic uncertainties. The gold reserves were up by $150 million to $84.499 billion during the previous week.
(with inputs from syndicated feed)
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