Rupee Opens Stronger Against US Dollar Despite Concerns Over Trump Tariffs
Rupee Opens Stronger Against US Dollar Despite Concerns Over Trump Tariffs
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- From: India News Bull
In early trading, the rupee showed resilience by gaining 3 paise to 87.69 against the US dollar, a day after the Trump administration raised tariffs on Indian exports to 50 percent.
US President Donald Trump imposed an additional 25 percent tariff on Indian exports yesterday, citing it as a 'penalty' for India's continued imports of Russian crude oil. Trump also issued warnings to other nations purchasing Russian oil that they could face similar consequences.
Following the increase in total tariffs on Indian exports to the US to 50 percent, the Ministry of External Affairs released a statement describing the US action as "unfair, unjustified, and unreasonable."
"We have already clarified our stance on these matters, including the fact that our imports are determined by market factors and undertaken with the goal of ensuring energy security for 1.4 billion people..."
"It is therefore extremely unfortunate the US should choose to impose additional tariffs on India... for actions that several other countries are also taking in their own national interest," the government statement read.