Trump Trade War: Rupee Value Plunges Against the Dollar!
In the initial trading session, the value of the rupee was 87.29 against the dollar. By the end of the day, it had reached 87.185.
New Delhi: As a result of the trade war initiated by U.S. President Donald Trump, the value of the rupee has seen a sharp decline against the dollar.
In the initial trading session, the rupee was valued at 87.29 per dollar. By the end of the day, it had dropped to 87.185. U.S. President Donald Trump has imposed punitive tariffs on goods imported from his major trade partners, China, Mexico, and Canada. As a result, global financial markets have been volatile, and fears of a trade war have escalated. This development has led to a drop in the rupee value against the dollar.
Despite efforts by the Reserve Bank of India (RBI) to stabilize the rupee by selling billions of dollars, the rupee has depreciated by more than 4% since October.
Rupee Hits Record Low, Crosses 87 Per USD For First Time As Trump Tariffs Wreak Asian Currencies#DNAVideos | #rupeefall | #trumptariffs | #DonaldTrump
For more videos, click here https://t.co/6ddeGFqM3o pic.twitter.com/g6Pp9HsmM9
— DNA (@dna) February 3, 2025
This latest drop is the most significant single-day decline since January 13. Traders have mentioned that a sharp depreciation was witnessed due to heavy dollar sales by public sector banks, which led to a weak recovery. Since October, the central bank has sold more than $10 billion to curb the rupee’s fall, but these efforts have not been very successful.
Discover more from Newscapsule24hrs
Subscribe to get the latest posts sent to your email.