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,

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

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 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.