Rupee holds its own amid Trump tariff hike, traders say ‘had factored it in'
The 25 per cent announced earlier has now come into effect, while the 'penalty' 25 per cent kicks in later this month.
But currency traders had already said the rupee won't be hit badly for now as Trump's move was largely expected and factored in, Reuters reported.
On Wednesday, the prediction was that the rupee will open in the 87.70-87.75 range, largely unchanged from Wednesday's close of 87.73.
"We knew more tariffs were coming after all those hints by Trump," a currency trader at a private sector banks told Reuters.
The rupee's measured response to the new tariffs likely reflects the Reserve Bank of India's (RBI) resolve to prevent a breach of the all-time low of 87.95, the trader was further quoted as saying.
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