Rupee closed 46 paise weaker against US Dollar at 85.86, which is the lowest close level since June 25. The local currency had closed at 85.40 against the greenback on Friday.
After the local currency opened 0.18 paise lower at 85.57, it dropped as much as 58 paise to the dollar during the day to 85.98. This steep fall marked the sharpest decline against the dollar since June 13.
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"Trump confirms tariffs of up to 70% may take effect on Aug. 1, amid trade flare-up. Stronger-than-expected US job growth and a surprise drop in the unemployment rate data overshadow investors' hopes for a Fed interest rate cut. For the Dollar Rupee pair, 85.20 acts as a base while 85.80 a resistance," Kunal Sodhani from FX Hub, had said ahead of the decline.
Amid the slide in Asian currencies, Rupee was the second worst performer. This slip comes after Trump's 10% extra tariff threat on BRICS countries.
Trump's BRICS tariff threats will hit Yuan and Rupee and reflects his intent to weaken attempts to de-dollarise, says Societe Generale. Such tariffs will weigh on EM currencies. The Indian Rupee and Indonesian Rupiah are most susceptible to volatility generated by Trump's BRICS tariff, according to Bloomberg.
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