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The Indian rupee plunged to a historic low of 87.17 against the U.S. dollar on February 3, 2025, driven by concerns over new tariffs imposed by the Trump administration on China, Canada, and Mexico.

Rupee falls 55 paise to breach 87 level against USD as Trump tariff triggers trade war fears

The Indian rupee plunged to a historic low of 87.17 against the U.S. dollar on February 3, 2025, driven by concerns over new tariffs imposed by the Trump administration on China, Canada, and Mexico.

The rupee plunged 55 paise to close at an all-time low of 87.17 (provisional) against the U.S. dollar on Monday (February 3, 2025), as global market sentiments were impacted after the Trump administration slapped tariffs on Canada, Mexico and China.
Forex traders said the Indian rupee touched a fresh all-time low on a surge in the U.S. Dollar index and weak global markets after Trump Tariffs on Canada Mexico, and China triggered fears of a broad trade war.
Donald Trump slapped Canada and Mexico with 25% duties and China with a 10% duty.
At the interbank foreign exchange, the rupee opened on a weak note at 87.00 and touched an intraday low of 87.29 against the American currency during the session.
The local unit finally settled at a record closing low of 87.17 (provisional), lower by 55 paise over its previous close.
On Friday, the rupee settled flat at 86.62 against the American currency.
"We expect the rupee to trade with negative bias on strong US Dollar and FII outflows amid a weak trend in the domestic markets. Worries over tariffs by the US administration may also pressurise the rupee," said Anuj Choudhary &ndash; Research Analyst at Mirae Asset Sharekhan.
However, any central bank intervention may support the rupee. Traders may take cues from ISM manufacturing PMI data from the US. Investors may remain cautious ahead of the RBI&rsquo;s monetary policy meeting this week," Choudhary added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 1.01 per cent higher at 109.46.
Brent crude, the global oil benchmark, rose 1.41% to $76.74 per barrel in futures trade.
The rupee continued to face pressure due to sustained foreign fund outflows and the broad strength of the American currency in the overseas markets due to unabated dollar demand from oil importers and weak risk appetite, traders added.
In the domestic equity market, the 30-share BSE Sensex settled 319.22 points, or 0.41%, lower at 77,186.74, while the Nifty fell 121.10 points, or 0.52 per cent, to close at 23,361.05.
Foreign institutional investors (FIIs) offloaded equities worth Rs 1,327.09 crore in the capital markets on a net basis on Saturday, according to exchange data.
Meanwhile, India's forex reserves increased $5.574 billion to $629.557 billion in the week ended January 24, the Reserve Bank said on Friday. In the previous reporting week, the overall kitty had dropped from $1.888 billion to $623.983 billion.
The reserves were on a declining trend for the last few weeks, and the drop has been attributed to revaluation, along with forex market interventions by the Reserve Bank of India (RBI) to help reduce volatilities in the rupee.
Meanwhile, Finance Secretary Tuhin Kanta Pandey on Monday said there is no concern over the rupee value, and the Reserve Bank of India is managing the volatility of the local currency.
"There is no concern about the value of the rupee. The volatility in the rupee is being managed by the RBI," Pandey told reporters.
He said the rupee is a "free float" and no control or fixed rate is applicable to the currency.

Congress leader Jairam Ramesh critiques Prime Minister Modi for the rupee’s steep fall, which reached a historic low of 86.59 against the US dollar. 

Congress' Jairam Ramesh mocks PM Modi as Rupee hits record low against Dollar

Congress leader Jairam Ramesh critiques Prime Minister Modi for the rupee&rsquo;s steep fall, which reached a historic low of 86.59 against the US dollar.&nbsp;

Congress launched a sharp critique against Prime Minister Narendra Modi on Monday over the continued depreciation of the Indian rupee, which it claimed revealed Modi&rsquo;s failure in managing the economy.
The rupee plunged to its lowest in nearly two years, dipping 55 paise to reach an all-time low of 86.59 against the U.S. dollar during mid-session on January 13, 2025. This decline was attributed to the strengthening of the American currency and rising crude oil prices.
&nbsp;
<blockquote class="twitter-tweet">
When Mr. Narendra Modi took over as PM he was about to turn 64 and the rupee was at 58.58 to the dollar. He waxed eloquent on making the rupee stronger and mockingly linked its fall to his predecessor's age. Well, now as Mr. Modi prepares to turn 75 later in the year, the rupee&hellip;
&mdash; Jairam Ramesh (@Jairam_Ramesh) <a href="https://twitter.com/Jairam_Ramesh/status/1878732224855781848?ref_src=twsrc%5Etfw">January 13, 2025</a></blockquote>
&nbsp;
&nbsp;
Congress General Secretary Jairam Ramesh took to X to remind Modi of his past comments on the rupee's value when he first assumed office. Ramesh wrote, &ldquo;When Mr. Narendra Modi took over as PM, he was about to turn 64, and the rupee was at 58.58 to the dollar. He waxed eloquent on making the rupee stronger and mockingly linked its fall to his predecessor's age.&rdquo;
Ramesh further added, "Well, now as Mr. Modi prepares to turn 75 later in the year, the rupee has already declined well past 86 to the dollar. As the fall continues, Mr. Modi has clearly been hoist with his own petard!"
The rupee&rsquo;s significant drop occurred in the midst of the foreign exchange session on January 13, with the currency opening at 86.12. It reached a historic low of 86.59 before slightly recovering to 86.50 against the dollar.

Global factors, including measures taken by major central banks, have hit not only the rupee-dollar dynamics but also disrupted the exchange rates of currencies across all emerging economies.

Rupee tumbles 3 per cent in 2024; turbulence to ebb in slow motion in next year

Global factors, including measures taken by major central banks, have hit not only the rupee-dollar dynamics but also disrupted the exchange rates of currencies across all emerging economies.

The Indian rupee tumbled 3 per cent in 2024 as concerns over slower economic growth and the green buck's global strength weighed, but it was among the least volatile currencies in the world and the headwinds may be less intense in the coming year.
The rupee settled at new lows as the year closed as the dollar's resurgence weighed on emerging-market currencies.
The action-packed 2024 continued to impact the rupee's exchange rate against major currencies throughout, with a series of geopolitical events ranging from the Russia-Ukraine war and crisis in the Middle East to trade disruptions in the Red Sea and elections across several major economies.
Global factors, including measures taken by major central banks, have hit not only the rupee-dollar dynamics but also disrupted the exchange rates of currencies across all emerging economies.
In fact, the rupee's fall with respect to the dollar has been less than its depreciation in terms of other currencies. And it has ended up with gains compared to the euro and the Japanese yen.
Reserve Bank of India's (RBI) ex-governor Shaktikanta Das also said in the central bank's December bi-monthly monetary policy that the Indian rupee has remained less volatile compared to its peers in emerging markets.
Yet, the RBI has been more active in its efforts towards stabilising the rupee-dollar rate, thanks to increased demand for the greenback due to India's dependence on oil imports and the widening trade deficit.
"RBI was also seen intervening actively in NDF (non-deliverable forward) markets to prevent sharp depreciation of the rupee," said Naveen Mathur, Director - Commodities &amp; Currencies, Anand Rathi Shares and Stock Brokers.
This was evident in foreign exchange reserves, which declined from the record high of USD 704.89 billion in late September to USD to USD 644.39 billion as of December 20, 2024, the lowest level in nearly six months.
Foreign currency assets also include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
India's external challenges intensified as China's GDP growth slowed to 4.8 per cent, reducing demand for Indian exports. Besides, supply chain disruptions due to tensions in the Middle East and an escalated crisis in the Red Sea hit the trade balance of several countries, including India.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

The rupee fell to a record low of 85.80 before recovering slightly due to central bank intervention. Increased month-end demand, foreign fund outflows, and rising crude oil prices pressured the currency.

Rupee falls 23 paise to hit fresh record low of 85.50 against US dollar

The unit finally ended the session at 85.50 (provisional) against the greenback, losing 23 paise from its previous closing level of 85.27.

The rupee fell steepest in almost two years to hit its lifetime intraday low of 85.80 before a suspected central bank intervention helped recover some of its losses and settled 23 paise lower at a record low of 85.50 (provisional) against the US dollar on Friday due to a strong greenback amid increased month-end demand from banks and importers.
According to analysts, the Reserve Bank's stance to hold on to its dollar payments in short-term forward contracts added to the shortage of greenback, with importers rushing to meet their month-end payment obligations.
Despite robust sentiment in domestic equity markets, the rupee was weighed down by sustained outflow of foreign funds and rising crude oil prices, they added.
At the interbank foreign exchange, the rupee opened weak at 85.31 and plunged 53 paise to the lowest-ever intraday level of 85.80.
The unit finally ended the session at 85.50 (provisional) against the greenback, losing 23 paise from its previous closing level of 85.27.
The rupee's earlier sharpest one-day fall of 68 paise was recorded on February 2, 2023.
The domestic unit has been hitting new lows almost every day in the past couple of weeks. It had plunged 12 paise to 85.27 against the dollar on Thursday after declining 13 paise in the previous two sessions.
"The central bank holds USD 21 billion in short-side forward contracts set to mature in December and January. Market speculation suggests that the RBI has refrained from rolling over these maturing forwards, leading to a scarcity of dollars and an oversupply of rupees.
"Moreover, dollar liquidity in the market remains very low, amplifying the upward momentum in the pair. This imbalance has propelled the USD-INR pair towards 85.8075 levels," said Amit Pabari, MD of CR Forex Advisors.
According to Anuj Choudhary &ndash; Research Analyst at Mirae Asset Sharekhan, the rupee hit a record low on dollar demand from importers towards the end of the month and outflows from foreign investors (FIIs).
"Rising US treasury yields and crude oil prices also weighed on the rupee," he said and projected the USD-INR spot price in a range of Rs 85.30 to Rs 85.85, saying traders may take cues from goods trade balance data from the US.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.04 per cent at 107.94, while the 10-year benchmark US Treasury yield rose 0.76 per cent, hitting its seven-month high level of 4.61 per cent.
Brent crude, the global oil benchmark, rose 0.15 per cent to USD 73.37 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex settled 226.59 points or 0.29 per cent higher at 78,699.07 points, while Nifty went up 63.20 points, or 0.27 per cent to close at 23,813.40 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,376.67 crore, according to exchange data.

The Indian rupee falls to a fresh all-time low of 85.27 against the US dollar, driven by a strong greenback, rising crude oil prices, and increased dollar demand.

Rupee Hits New Low Amid Dollar Strength and Rising Crude Prices

The rupee fell 4 paise to settle at 85.15 against the US dollar on Tuesday, a day after losing 9 paise on Monday.

The rupee stayed weak for the third straight session and fell 12 paise to settle at a fresh all-time low of 85.27 (provisional) against the US dollar on Thursday, amid a strong greenback and rising crude oil prices.
Forex traders said, increased month-end as well as year-end dollar demand from importers and fear of an aggressive import tariff by the Donald Trump administration lifted the American currency.
At the interbank foreign exchange, the rupee opened weak at 85.23 and touched the lowest-ever level of 85.28 against the greenback during intraday trade.
The unit finally ended the session at its lifetime low closing level of 85.27 (provisional) against the dollar, registering a loss of 12 paise from its previous close.
The rupee fell 4 paise to settle at 85.15 against the US dollar on Tuesday, a day after losing 9 paise on Monday.
The forex market was closed on Wednesday for Christmas.
According to Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, the rupee fell to a fresh all-time low on strong dollar and rising US treasury yields that are at the highest levels in seven months.
Also, he said the surge in crude oil prices, month-end/year-end dollar demand and FII outflows may also weigh on the rupee.
"However, any intervention by the RBI may support the rupee at lower levels. Traders may take cues from weekly unemployment claims data from the US. USD-INR spot price is expected to trade in a range of 85.10 to 85.45," Choudhary added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower by 0.09 per cent but remained elevated at 107.93, amid soaring US Treasury yields (4.61 per cent) and the fear of delayed interest rate cuts by the US Federal Reserve.
Brent crude, the global oil benchmark, rose 0.56 per cent to USD 73.99 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex closed almost flat at 78,472.48 points, while Nifty inched up 22.55 points, or 0.10 per cent to close at 23,750.20 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 2,454.21 crore, according to exchange data.

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