New Delhi, July 30 (HS): The rupee faced a notable decline in the currency market, dropping to 87.43 (provisional) against the dollar, a decrease of 61 paise. This decline was driven by rising crude oil prices in the international market and US President Donald Trump’s indications of potential tariffs on India, ranging from 20 to 25 percent. During trading, the rupee opened at 87.10, showing initial weakness, but briefly improved to 87.05 due to increased dollar inflow. However, concerns over the anticipated tariffs led to further

, pushing the currency down by 70 paise to 87.52. Eventually, the rupee recovered slightly by 9 paise, ending at 87.43. Rajeev Dutta, CEO of Capex Gold and Investments, attributed the rupee’s decline primarily to Trump’s tariff signals, which heightened market pressure.

Additionally, crude oil prices peaked at $73.12 per barrel before decreasing to $71.77, partly aiding the rupee’s slight recovery. The dollar index rose by 0.14 percent to 99.02, further contributing to the rupee’s weakness. The Indian currency also recorded losses against major currencies, closing at 116.97 against the British pound (GBP) and 100.98 against the euro, reflecting its overall poor performance today.

Hindusthan Samachar / Jun Sarkar