The Indian rupee slipped after a three-week gaining streak against the US dollar, ending 0.5% lower for the period ending July 11. The local currency depreciated by 16 paise to close at 85.80 for a dollar on Friday, according to Bloomberg.
The rupee has been pressured by the dollar's broad strength after President Donald Trump threatened to impose blanket tariffs of 15% or 20% on most trade partners. He also suggested a BRICS tariff of 10%, roiling sentiment for Asian currencies.
Further, Trump moved to slap a 35% tariff on Canadian goods from August, deepening uncertainty around the direction of US trade policy.
Trump has rolled out a series of developments on the US tariffs targeting trading partners, leaving investors to navigate the shifting landscape. So far, the reaction across Asian equities, forex and rates markets has been largely muted.
The dollar index has risen 0.6% this week. The greenback gained 0.1% against the euro on Friday, 0.2% against the pound and 0.5% against the yen.
Besides, in Asia, the rupee was the second-worst performer after the yen.
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