The Indian rupee weakened past 87 per U.S. dollar for the first time on Monday, as Asian currencies slumped after U.S. President Donald Trump imposed tariffs on the country's largest trading partners,

Forex traders said the Indian rupee touched a fresh all-time low on a surge in the US Dollar index and weak global markets after Trump Tariffs on Canada Mexico, and China triggered fears of a broad trade war.

Asian currencies and equities also slumped as a result of the tariffs, which have sparked fears of a trade war

The Indian rupee weakened past 87 to the U.S. dollar for the first time ever on Monday in the wake of a slump in Asian currencies and equities after U.S. President Donald Trump's tariff threats became a reality.

The rupee fell 0.5% to a record low of 87.07 per dollar in early trade, down from its previous close of 86.61. The dollar index rose 0.3% to 109.8, while Asian currencies weakened after Trump’s tariff announcement. The offshore Chinese yuan, which the Indian traders track, declined 0.5% to 7.35 per dollar.

The Indian rupee has hit an all-time low, trading at 86.65 per dollar today. The fall exceeds its previous lowest value of 86.6475, recorded earlier this month. The depreciation follows the possible US trade tariffs announced by President Donald Trump, causing most Asian currencies to falter.

The Indian rupee is poised to open at an all-time low against the dollar on Monday, tracking a slump in Asian currencies and risk aversion on worries over a trade war between the U.S. and its trading partners.

The Indian rupee took a massive hit on Monday and slipped to a new record low against the American dollar. The domestic unit depreciated 67 paise to reach an all-time low of 87.29 against the US dollar in early trade on Monday.

The rupee fell by 67 paise to hit record low of 87.29 against the US dollar in early trade on Monday, February 3, 2025, a day after US President Donald Trump's tariffs on Canada, Mexico and China that triggered fears of a broad trade war.