Indian Rupee weakened on the first trading day of New financial year, because traders assess the impact of reciprocal tariffs by Trump, effective from today. The India Rupee Opened slightly 21 paise weaker at 85.68 against greenback after closing at 85.47 on Friday. It tracks falls in dollar index, the currency appreciated by 2.39% in March. It registered best month since November 2018. Meanwhile, during the last financial year, it face 2.42 per cent fall
India Rupee Opened slightly 21 paise weaker after tariffs announcement
Trump is expected to announce the reciprocal tariffs plan on Wednesday in event in White House Rose Garden. Media reports show that White house has not finalized the tariffs plan yet, with Trump team deliberating on their options before event. Indian rupee schedule to open slightly weak on Trump reciprocal tariffs, and investors watch out the effects on country.
The domestic currency gain benefit from broad dollar weakness and RBI allow two way movements without much intervention in March month. After registered 3.2% decline in March, the dollar index, measure of value of US dollar relative to basket of foreign currencies.
Tariffs Impact the Indian Goods and currency
India Rupee Opened slightly 21 paise after imposition of tariffs. It affects Indian goods and put pressure on rupee. It is driven by increasing crude prices and escalating concerns on tariffs. The rupee is expected to find the great support around 85.50-85.60, with potential rebound towards 86.00-86.20 levels.
Brent prices are rise by over $6 per barrel since its recent lows. It cause concerns about rising inflation in India. Crude oil prices are remains less changed, and pause pausing last month’s rally because traders’ focus turns to implications of ‘liberation day’. Brent crude oil was falls down to 0.04 % to $74.46 per barrel, while WTI crude was down at 71.20 per barrel as of 9:10 AM IST.
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