Indian rupee loses against UAE dirham as Trump ups tariff threats on India
The currency managed to avert a drop past the record low of 87.95 (Dh23.96) to the dollar, likely due to intervention by the central bank, traders said.
The rupee opened at 87.85 (Dh23.93), compared to 87.6550 (Dh23.8841) on Monday (August 4). At one point, the non-deliverable forward market had indicated that the rupee would weaken past 88 at open.
"It was looking like a straight break of 88 at open, RBI came in and capped the move," a senior FX trader at a private bank said.
According to investing.com, higher tariffs herald increased pressure on the Indian economy, given its heavy exposure to the US as a market for exports. In 2024, India had a trade surplus of about $44 billion with the United States.
Trump's threat also comes just before a Reserve Bank of India meeting this week, where the central bank is widely expected to trim rates further in the face of increasing economic headwinds.
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