Indians' pockets are being cut because of Donald Trump!
The rupee again registered a decline in the foreign exchange market. Due to the new announcements of US tariffs, pressure was seen on the currencies of emerging economies including the rupee. In early trade, the rupee fell by 22 paise to 87.41. The rupee opened at 87.26 in the Interbank Foreign Exchange, but soon fell to 87.41, which shows a decline of 22 paise from the previous closing level.
Earlier on tuesday also, a huge decline was registered in the rupee, when it fell by 47 paise to close at 87.19. On Wednesday, the stock market, foreign exchange and commodity markets were closed on the occasion of Mahashivratri.
The US tariff is hitting
US President donald trump has announced the imposition of tariffs on products coming from canada and mexico from april 2. Apart from this, he has also indicated to impose a 25 percent retaliatory tariff on european goods, which may further increase global trade tensions. However, the date for imposing tariffs on mexico and canada has been extended from march 4 to april 2, which limited the dollar's gains.
Dollar index rises
The dollar index, which measures the strength of the US dollar against a basket of six major currencies, rose 0.19 per cent to 106.62. At the same time, global oil benchmark Brent crude was trading 0.30 per cent higher at $72.75 per barrel.
Foreign investors sell
There was a slight movement in the domestic stock market. The BSE Sensex was trading at 74,613.96 with a marginal gain of 11.84 points, while the Nifty was trading at 22,546.05 with a decline of 1.50 points. Foreign institutional investors (FIIs) sold shares worth a net Rs 3,529.10 crore in the indian stock market on tuesday, leading to further pressure in the market.
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