Asahi shares mark weekly slide after cyberattack halts production
Investing.com-- The Indian rupee hovered near a record low on Tuesday, having touched the mark in the previous session, as heavy U.S. tariffs on Indian goods and continued foreign portfolio outflows weighed on the currency.
The rupee’s USD/INR pair rose to as high as 88.34 rupees on Monday before recovering modestly amid likely intervention by the Reserve Bank of India.
On early Tuesday trading, it was trading largely muted at around 87.975 rupees.
The slide comes as U.S. President Donald Trump’s administration doubled tariffs on Indian goods, lifting duties to around 50% on many exports, including textiles, jewelry, footwear, and furniture.
The move has eroded India’s competitiveness in its largest export market and raised concerns about slower economic growth.
Trump said on his Truth Social platform that India had offered to reduce tariffs to zero, calling the bilateral trade relationship “one sided.”
“They have now offered to cut their Tariffs to nothing, but it’s getting late. They should have done so years ago,” Trump wrote.
His remarks came as Prime Minister Narendra Modi appeared alongside Chinese and Russian leaders in recent public forums, signaling strategic alignment in the face of U.S. trade pressure.