Rupee hits record low amid worries about US tariffs; RBI likely steps in

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Rupee hits record low amid worries about US tariffs; RBI likely steps in

MUMBAI (Reuters) – The Indian rupee slipped to an all-time low on Friday as the threat of U.S. trade tariffs under President Donald Trump weighed on most regional currencies while the Reserve Bank of India likely stepped in to support the local unit, traders said.

The rupee dipped to 86.65 per dollar, eclipsing its previous record low of 86.6475 hit earlier in the month.

The dollar index was at 108.1 while most Asian currencies declined after Trump said he is planning to impose tariffs on Canada and Mexico on Saturday and is also considering fresh levies on China.

State-run banks were spotted offering dollars, most likely on behalf of the RBI, which helped limit the rupee’s losses, four traders said.

In addition to the risk from Trump’s likely tariff policies, the rupee has also been weighed down by persistent foreign portfolio outflows.

Foreign investors have net sold nearly $9 billion of local stocks and bonds over January so far.

(Reporting by Jaspreet Kalra; Editing by Mrigank Dhaniwala)

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