The Indian rupee fell below 87 against the US dollar for the first time on Monday, as Asian currencies tumbled following the imposition of tariffs by US President Donald Trump on the country’s major trading partners, leading to a surge in the US dollar.
In early trade, the rupee depreciated by 0.5 percent to a low of 87.07, with traders anticipating further losses for the currency throughout the day.
Trump signed three executive orders over the weekend, imposing 25 percent tariffs on Mexican and most Canadian imports, as well as 10 percent on goods from China, effective from Tuesday.
The dollar index climbed 0.3 percent to 109.8, while Asian currencies dipped, with the offshore Chinese yuan, which is closely monitored as a counterpart to the rupee, falling by 0.5 percent to 7.35 against the US dollar.
