Market Wary As Rupee Tanks 47 Paise, Trump Threatens New Tariffs On BRICS-Aligned Nations

Market Wary As Rupee Tanks 47 Paise, Trump Threatens New Tariffs On BRICS-Aligned Nations

Outflow of foreign funds fuelled by uncertainties over US President Donald Trump's trade tariffs put further pressure on the local unit, according to forex traders.

Rupee plunges 47 paise to  close at 85.87 against US dollar

MUMBAI, July  7:  The rupee fell sharply by 47 paise to close at 85.87 (provisional) against the US dollar on Monday amid rising global crude oil prices and a strong American currency.   Outflow of foreign funds fuelled by uncertainties over US President Donald Trump’s trade tariffs put further pressure on the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened at 85.53 against the US dollar and traded in …