Rupee falls 55 paise, crosses 87-mark against US dollar – The Tribune-OxBig News Network

The rupee plunged 55 paise to close at an all-time low of 87.17 (provisional) against the US dollar on Monday, as global market sentiments were impacted after the Trump administration slapped tariffs on Canada, Mexico and China.

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. 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. On Friday, the rupee had settled flat at 86.62 against the American currency.

US President Donald Trump has slapped Canada and Mexico with 25 per cent duties and China with a 10 per cent duty.

Meanwhile, Brent crude, the global oil benchmark, rose 1.41 per cent to USD 76.74 per barrel in futures trade. 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.