Rupee Opens Weaker After Trump Threatens 10% Extra Tariff On BRICS

The Indian rupee opened 0.18 paise weaker against the US dollar at 85.57 on Monday, compared to its previous close of 85.39 on Friday.

The local currency is trading lower after US President Donald Trump on Monday threatened to impose a 10% unilateral tariff on BRICS countries for what he called "anti-American policies".

"Any country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!" Trump posted on Truth Social.

BRICS is an intergovernmental organisation of 10 countries — Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. A leaders' summit is underway in Brazil's Rio De Janerio.

The group of developing nations are poised to adopt a position at odds with Trump on trade tariffs, conflict in the Middle East and global arms spending.