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Rupee slips on Trump's additional 10% Brics tariff; opens lower at 85.57/$
The domestic currency opened 18 paise lower at 85.57 against the dollar on Monday, according to Bloomberg. All Asian currencies traded in the red with Thai Baht leading the fall, as caution loomed over the US reciprocal tariff deadline.
The currency has appreciated 0.17 per cent so far this month, after having fallen 0.18 per cent in the first six months of the calendar year.
President Trump, on Monday, threatened to levy an additional 10 per cent tariff on any country aligning itself with 'the Anti-American policies of BRICS,' fueling more uncertainty in the markets. 'Any country aligning themselves with the Anti-American policies of BRICS will be charged an ADDITIONAL 10 per cent Tariff,' Trump said in a Truth Social post. 'There will be no exceptions to this policy.'
The group's leaders, over the weekend, agreed to continue talks on a cross-border payment system for trade and investments, according to a Bloomberg report. Trump had previously threatened to slap 100 per cent levies on Brics in case they drop the dollar in bilateral trade.
Meanwhile, Treasury Secretary Scott Bessent told CNN that several major agreements are nearing completion, according to reports. As others remain out of reach, he added that some deals may include a three-week extension option.
However, India and the US are likely to take a final decision on the 'mini trade deal' in the next 24-48 hours, as per media reports.
The Indian Rupee has remained range-bound over the past few days, trading between 85.30 and 85.60, analysts said. Nationalised banks have been buying dollars on dips, while exporters and other inflows have been selling on upticks, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
Exporters are awaiting a move towards 86 to hedge, while importers are eyeing 85, he said. "In the meantime, market participants can cover their daily and weekly requirements. Today's opening is around 85.50, with an expected range of 85.30–85.80."
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