Rupee Weakens to 87.63 Against US Dollar Amid Trade Uncertainty and Tariff Pressures

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Rupee Weakens to 87.63 Against US Dollar Amid Trade Uncertainty and Tariff Pressures
Rupee Weakens to 87.63 Against US Dollar Amid Trade Uncertainty and Tariff Pressures

The Indian rupee slipped 5 paise to 87.63 against the US dollar in early trade on Friday, weighed down by persistent trade uncertainty, foreign fund outflows, and a firm US dollar. Forex traders reported that the rupee is trading in a narrow range, with the Reserve Bank of India (RBI) actively intervening to keep it near the 87.95 level.

At the interbank foreign exchange market, the rupee opened at 87.56 and touched an intra-day low of 87.63, marking a 5 paise decline from the previous close. According to CR Forex Advisors MD Amit Pabari, the currency held its ground despite fresh headwinds from additional US tariffs, with RBI measures helping to limit volatility.

Rupee Outlook and Key Levels

Pabari noted that the rupee may attempt a pullback toward the 87.50 level in the near term. Immediate support is placed at 87.20, while resistance is seen at 87.70. He added that depreciation pressures remain due to global market challenges and a strong US dollar backdrop.

The dollar index, which measures the greenback’s strength against six major currencies, fell 0.27% to 98.13.

Equity Market Impact and FII Activity

In the domestic equity markets, the Sensex dropped 242.24 points to 80,381.02, while the Nifty fell 54.85 points to 24,541.30 in early trade. Foreign Institutional Investors (FIIs) sold equities worth ₹4,997.19 crore on Thursday, according to exchange data.

US Tariffs Intensify Trade Tensions

Adding to the pressure, US President Donald Trump has ruled out trade negotiations with India until the tariff dispute is resolved. “No, not until we get it resolved,” Trump said in the Oval Office on Thursday when asked about the possibility of increased trade talks.

Last week, Trump imposed 25% reciprocal tariffs on India, effective from August 7, and signed an executive order for an additional 25% duty as a penalty for New Delhi’s purchase of Russian oil. This brings the total tariff to 50%, one of the highest the US has imposed on any country. The additional duty will take effect on August 27.

India’s currency and export markets now face increased pressure as global trade conditions tighten, with both domestic and international factors weighing on investor sentiment.

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