Indian Rupee Hits Record Low Against UAE Dirham Amid Trump Tariffs
The Indian rupee fell below 87 per U.S. dollar (23.70 UAE dirhams) for the first time on Monday as Asian currencies faced pressure following U.S. President Donald Trump’s announcement of tariffs on the nation’s largest trading partners, leading to a spike in the U.S. dollar.
In early trading, the rupee declined by 0.5 percent, reaching a low of 87.07 (23.72 UAE dirham), with traders anticipating more losses throughout the day.
Over the weekend, Trump issued three executive orders imposing a 25 percent tariff on most imports from Mexico and Canada, along with a 10 percent tariff on goods from China, effective Tuesday.
The dollar index rose 0.3 percent to 109.8, while Asian currencies weakened further, with the offshore Chinese yuan—a key counterpart to the rupee—dropping 0.5 percent to 7.35 per U.S. dollar.