Just a moment...
We've upgraded AI Search on TaxTMI with two powerful modes:
1. Basic
• Quick overview summary answering your query with references
• Category-wise results to explore all relevant documents on TaxTMI
2. Advanced
• Includes everything in Basic
• Detailed report covering:
- Overview Summary
- Governing Provisions [Acts, Notifications, Circulars]
- Relevant Case Laws
- Tariff / Classification / HSN
- Expert views from TaxTMI
- Practical Guidance with immediate steps and dispute strategy
• Also highlights how each document is relevant to your query, helping you quickly understand key insights without reading the full text.
Help Us Improve - by giving the rating with each AI Result:
Powered by Weblekha - Building Scalable Websites
Press 'Enter' to add multiple search terms. Rules for Better Search
Press 'Enter' after typing page number.
Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
Press 'Enter' after typing page number.
Press 'Enter' after typing page number.
Don't have an account? Register Here
Mumbai, Feb 3 (PTI) The rupee plunged 49 paise to close at an all-time low of 87.11 against the US dollar on Monday as imposition of tariffs on Canada, Mexico and China by the Trump administration fanned fears of trade war and bolstered the American currency in global markets.
Forex traders said the Indian rupee touched a fresh all-time intra-day low of 87.29 to a US dollar on a surge in the US dollar index to above 109 levels and weak global markets.
Donald Trump slapped Canada and Mexico with 25 per cent duties and China with a 10 per cent duty.
At the interbank foreign exchange, the rupee opened on a weak note at 87.00 and touched an intraday low of 87.29 against the American currency during the session.
The local unit finally settled at a record closing low of 87.11, lower by 49 paise over its previous close. On Friday, the rupee settled flat at 86.62 against the American currency.
"We expect the rupee to trade with negative bias on strong US Dollar and FII outflows amid a weak trend in the domestic markets. Worries over tariffs by the US administration may also pressurise the rupee," said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan.
However, any central bank intervention may support the rupee. Traders may take cues from ISM manufacturing PMI data from the US. Investors may remain cautious ahead of the RBI’s monetary policy meeting this week," Choudhary added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 1.01 per cent higher at 109.46.
Brent crude, the global oil benchmark, rose 1.41 per cent to USD 76.74 per barrel in futures trade.
The rupee continued to face pressure due to sustained foreign fund outflows and the broad strength of the American currency in the overseas markets due to unabated dollar demand from oil importers and weak risk appetite, traders added.
In the domestic equity market, the 30-share BSE Sensex settled 319.22 points, or 0.41 per cent, lower at 77,186.74, while the Nifty fell 121.10 points, or 0.52 per cent, to close at 23,361.05.
Foreign institutional investors (FIIs) offloaded equities worth Rs 3,958.37 crore in the capital markets on a net basis on Monday, according to exchange data.
Meanwhile, India's forex reserves increased USD 5.574 billion to USD 629.557 billion in the week ended January 24, the Reserve Bank said on Friday. In the previous reporting week, the overall kitty had dropped from USD 1.888 billion to USD 623.983 billion.
The reserves were on a declining trend for the last few weeks, and the drop has been attributed to revaluation, along with forex market interventions by the Reserve Bank of India (RBI) to help reduce volatilities in the rupee.
Meanwhile, Finance Secretary Tuhin Kanta Pandey on Monday said there is no concern over the rupee value, and the Reserve Bank of India is managing the volatility of the local currency.
"There is no concern about the value of the rupee. The volatility in the rupee is being managed by the RBI," Pandey told reporters.
He said the rupee is a "free float" and no control or fixed rate is applicable to the currency. PTI DRR BAL MR MR
Currency volatility rises as tariffs stoke trade war fears, prompting central bank intervention to stabilise the exchange rate. The rupee hit a record closing low driven by trade policy shocks, a stronger dollar, foreign fund outflows and higher oil prices. Stabilisation rests on the Reserve Bank's interventions and the country's forex reserves; authorities characterise the rupee as a free float and say volatility is being managed through market operations.Press 'Enter' after typing page number.