The rupee fell to a fresh all-time low of ₹84.75 against the US Dollar on Tuesday, slipping 0.08% from the previous day’s record low closing value of ₹84.68/$ on Monday, as U.S. President Elect Donald Trump’s warning of a 100% tariff on the BRICS economies if they pursued a new common currency to counter the Dollar’s hedgemony reverberated across global currency markets.
The Chinese Yuan also fell 0.15% to CNY 7.28 per dollar. International factors have more to do with the rupee’s fall than domestic factors, said Bank of Baroda chief economist Madan Sabnavis. “The U.S. Dollar has been strengthening and Mr. Trump’s threat to the BRICS nations about an 100% duty on their products for embarking on an alternative currency has added to that,” he noted.
Published – December 03, 2024 09:54 pm IST
