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Yahoo
30-07-2025
- Business
- Yahoo
Indian Stock Futures, Offshore Rupee Slide on 25% Trump Tariff
(Bloomberg) -- Indian stock futures slid and the rupee dropped offshore on Wednesday after US President Donald Trump said he would impose a tariff rate of 25% along with an additional penalty on imports from the world's fastest growing major economy. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus We Should All Be Biking Along the Beach While the announcement came after Indian markets had closed, NSE Nifty 50 future contracts traded at GIFT City fell as much as 0.5%, erasing earlier gains of 0.4%. The dollar/rupee one-month forward was up 0.9% to 88, pushing the pair to its highest since February, according to data compiled by Bloomberg. The iShares MSCI India stocks ETF, which trades in the US, was down over 1%. Trump said he would impose the tariff starting on Aug. 1. It risks accelerating outflows from Indian equities by foreign funds, who have already withdrawn over $2 billion this month. The additional penalty over India's energy purchases could lead investors to sell shares of Reliance Industries Ltd. and several state-owned refiners, who have been among the biggest buyers of Russia's oil since the start of the Russian-Ukraine War. 'This tariff announcement will lead to more pressure on the markets as the foreign investors will prefer to sit on the sidelines waiting for a trade deal between India and US,' said Abhay Agarwal, founder at Piper Serica Advisors. 'Only a very strong dose of good news will reverse flows.' The US was India's biggest trading partner in 2024 with a total trade of $132 billion. The new tariffs raise uncertainty for global investors as they will weigh on investment opportunities in the backdrop of shifting supply chains. Earlier, the rupee fell to a five-month low in onshore trading on Trump's threat that India may face 20%-25% tariffs on imports to US. Russia Builds a New Web Around Kremlin's Handpicked Super App Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
30-07-2025
- Business
- Bloomberg
Indian Stock Futures, Offshore Rupee Slide on 25% Trump Tariff
Indian stock futures slid and the rupee dropped offshore on Wednesday after US President Donald Trump said he would impose a tariff rate of 25% along with an additional penalty on imports from the world's fastest growing major economy. While the announcement came after Indian markets had closed, NSE Nifty 50 future contracts traded at GIFT City fell as much as 0.5%, erasing earlier gains of 0.4%. The dollar/rupee one-month forward was up 0.9% to 88, pushing the pair to its highest since February, according to data compiled by Bloomberg. The iShares MSCI India stocks ETF, which trades in the US, was down over 1%.
