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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.

A Great Depression-era note, originally worth $10,000, was auctioned off in the US for nearly half a million.

Rare $10,000 note auctioned off for $480,000 in US

A Great Depression-era note, originally worth $10,000, was auctioned off in the US for nearly half a million.

A $10,000 note printed during the Great Depression was sold for a whopping $480,000 at a US auction. The rare currency features a photo of Salmon P. Chase, who was Secretary of the Treasury in Abraham Lincoln&rsquo;s administration.
According to the Museum of American Finance, the $10,000 note was the highest denomination bill to be ever circulated in the country.
The US did print a $100,000 that featured Woodrow Wilson was printed but only used to for transactions between Federal Reserve Banks. It was restricted from retail transactions, the museum&rsquo;s website said.
Currency at Heritage Auctions said that &ldquo;large-denomination notes always have drawn the interest of collectors of all levels,&rdquo; Hindustan Times reported.
Also Watch: <a href="https://www.editorji.com/world-news/akshardham-second-largest-hindu-temple-outside-india-to-be-inaugurated-in-us-1695633146624">Akshardham, second largest Hindu temple outside India, to be inaugurated in US</a>
&ldquo;The $10,000 trails only the $100,000 gold certificate issued in 1934, and of the 18 examples graded by PMG, this example is tied for the highest-graded,&rdquo; the statement added.

A day later, the force added news about two different incidents of passengers carrying a high volume of foreign currency.

'Illegal cash' inside dress inside bag at Delhi airport: CISF busts ₹50 lakh stash

A day later, the force added news about two different incidents of passengers carrying a high volume of foreign currency.

The Central Industrial Security Force on 4 February 2023 tweeted a video of a crackdown on foreign currency allegedly being smuggled at the Delhi airport.
CISF said that its personnel caught a passenger with foreign currency worth around ₹50 lakhs at the Indira Gandhi International Airport. The cash was concealed inside the passenger's clothes. CISF personnel were seen peeling back layers of a dress, with cash stuck to pages hidden beneath the creases.
A day later, the force added news about two different incidents of passengers carrying a high volume of foreign currency. People with 2,00,000 UAE Dirham and 36,400 USD worth approximately ₹74 lakhs were handed over to the Customs Department.
Also watch: <a href="https://www.editorji.com/india-news/watch-fight-at-delhi-airport-as-passengers-staff-face-off-over-spicejet-flight-s-3-hour-delay-1675411287171">Fight at Delhi airport as passengers, staff face-off over SpiceJet flight's 3-hour delay</a>

Sensex ends 162 points in green, Nifty at 11,937

After a highly volatile session influenced by the European markets, Indian equity benchmarks ended in the green on Wednesday.
The Sensex&nbsp;ended 162 points up at 40,707 and the Nifty closed at 11,937, 0.34% higher.
Powergrid, Bharti&nbsp;Airtel, Tata&nbsp;Steel, Hindalco and GAIL were the top five Nifty gainers.
The rupee depreciated 9 paise to settle at 73.58 against the US dollar.
&nbsp;

40,707.31 +162.94 +0.40%
11,937.65&nbsp; 40.85 (0.34%)

After a highly volatile session influenced by the European markets, Indian equity benchmarks ended in the green on Wednesday.
The Sensex&nbsp;ended 162 points up at 40,707 and the Nifty closed at 11,937, 0.34% higher.
Powergrid, Bharti&nbsp;Airtel, Tata&nbsp;Steel, Hindalco and GAIL were the top five Nifty gainers.
The rupee depreciated 9 paise to settle at 73.58 against the US dollar.
&nbsp;

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