The Indian rupee fell against the US dollar on Thursday, as US President Donald Trump proposed fresh tariffs on all countries. The rupee opened at 85.75 (Dh23.36) per US dollar. Trump announced 26% tariffs on imports from India, effective from April 9, as part of his broad plan to place charges on all U.S. imports.
Trump declared a 10% baseline tariff on all imports beginning April 5, with greater tariffs on some other countries, including 34% on China and 20% on the European Union. The average tariff rate appears to be higher than expected,” ING Bank noted.
This tariff decision clearly hits Asian emerging markets the worst,” ING stated, adding that Vietnam, Korea, India, Indonesia, and Thailand will face additional tariffs ranging from 25% to 45%. The offshore Chinese yuan fell to a one-month low of 7.3482 against the US dollar before recovering somewhat to its current rate of 7.32.
US share futures fell over 3%, while Japanese equities suffered similar losses. Indian stocks were likewise poised for a dismal start. US Treasury yields fell amid concerns about how tariffs may affect growth in the world’s largest economy.
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