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Investing.com -- The Indian rupee demonstrated resilience on Thursday amid a decline in most Asian currencies and equities, a situation brought about by U.S. President Donald Trump’s comprehensive reciprocal tariffs.
Despite the global financial tremors, the rupee only depreciated by 0.10% against the U.S. dollar, standing at 85.36.
On Wednesday, President Trump implemented a baseline tariff of 10% on all imports starting from April 5. Furthermore, he imposed higher duties on specific countries, with a 34% tariff on China and a 20% tariff on the European Union.
These actions led to a significant drop in U.S. equity futures and an increase in Treasury yields due to concerns that the tariffs might result in higher inflation and hinder growth in the United States.
The rupee’s position remains relatively strong, not far from its year-to-date high achieved last week.
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