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Rupee drops in NDF market after US levies 26% tariffs on India - REUTERS
MUMBAI, April 3 (Reuters) - The Indian rupee declined in the non-deliverable forward market on Thursday after the U.S. President Donald Trump slapped a 26% tariff on imports from the Asian nation.
Trump's Wednesday announcement on India was part of his wider plan to impose a 10% baseline tariff on all imports from April 5 and higher duties on certain other countries including 34% on China.
The 1-month dollar/rupee non-deliverable forward was quoting at 85.86-85.90, implying that the Indian currency is likely to open 10-15 paisa weaker when the onshore spot market opens at 9:00 a.m. IST.
