The Indian rupee closed weaker against the US dollar on Tuesday, after Trump threatened to penalise India for continuing to buy Russian crude. The local currency closed 14 paise weaker at 87.80 against the greenback compared to previous close at 87.66 a dollar on Monday.
The local currency opened 19 paise weaker at 87.85 against US Dollar on Tuesday compared to its closing against a dollar on Monday, that resumed volatility after the currency showed signs of recovery at the start of trading session.
Indian rupee was seen under pressure and may likely continue to remain under pressure during this week after Trump said he may announce higher tariffs for India for continuing to buy Russian oil, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
"There has also been persistent pressure from FPIs after Trump announced 25% tariffs on all Indian exports despite the trade talks continuing. The rupee closed yesterday at 87.6550 but is slated to open at its lowest at 88 this morning after Trump's latest salvos targeting just India," he said.
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