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Rupee slides to new lifetime low to 87.9400 per dollar; Here’s why…

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Rupee slides to new lifetime low to 87.9400 per dollar; Here’s why…

The Indian rupee depreciated 44 paise to an all-time low of 87.9400 per dollar on Monday. The rupee dragged on the back of Trump’s plan to announce a 25% tariff on steel and aluminium imports. 

This came after the rupee appreciated a bit on Friday after the RBI cut the key lending rate by 25 bps. The dollar index hiked 0.26% to trade at Rs 108.32. The dollar index is a measure of the value of the US dollar relative to a basket of six foreign currencies.

At 9:36 AM, the domestic currency depreciated 0.55% to 87.9050 to the US dollar. 

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