Rupiah hits new low amid Trump-imposed duties

The Indian currency rupee reached another anti-record, falling below the mark of 87.145 against the U.S. dollar. This was influenced by the introduction of U.S. leader Donald Trump import duties on Canada, China and Mexico, specified on Monday, February 3, Reuters.

It is noted that in the past week the exchange rate fell to 86.7 to the dollar. According to the head of treasury at RBL Bank Anshul Chandak, the pressure on the currency will continue.

"Macroeconomic indicators seem to be weighing on the rupee and we expect it to remain under pressure for the next 6-8 weeks," he said.

According to the agency's calculations, the rupee's losses since the beginning of October are now approaching 4%. At the same time, the active process of price loss began in the first days after the victory of President Trump in the elections on November 5, specified "Gazeta.Ru".

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On February 1, Trump signed an executive order on the introduction of trade tariffs of 25% on goods from Canada, China and Mexico. Then he also promised to introduce duties on goods from the EU. With this decision, Trump seeks to reduce the flow of the opioid fentanyl across the border, as well as the flow of migrants.

On February 2, German Vice Chancellor Robert Habeck announced the EU's readiness to impose retaliatory duties against the United States.

Chinese economist Andrew Leung, in turn, told Izvestia that the tariffs imposed by Trump on imports of goods from China and Mexico will lead to an increase in consumer prices in the United States itself.