Earlier in the day, the Indian currency opened at 87.12 vs the greenback against Tuesday’s close of 87.07 vs dollar. The rupee breached the 84 mark against the US dollar for the first time in October 2024 and has since hit a series of lows.

The Indian Rupee has touched a new low, trading at 87.50 against the US Dollar today. The fall was witnessed against the backdrop of weak Asian equities. The INR started the day at a slightly lower rate of 87.1263 against its previous close at 87.0762, marking an initial fall of 5p in value against the USD.

The Indian rupee is poised to open at an all-time low against the dollar on Monday, tracking a slump in Asian currencies and risk aversion on worries over a trade war between the U.S. and its trading partners.

The rupee fell by 67 paise to hit record low of 87.29 against the US dollar in early trade on Monday, February 3, 2025, a day after US President Donald Trump's tariffs on Canada, Mexico and China that triggered fears of a broad trade war.

Trump imposed a 10% duty on Chinese exports to the U.S, and 25% tariffs on Canada and Mexico, two of its top trading partners.

The fall of the rupee to a new all-time low was in line with other global currencies, which weakened against the greenback after Trump imposed tariffs on Canada, Mexico and China, and threatened to increase levies on the European Union.