INR TANKS WELL ABOVE 87 PER US DOLLAR, FOREX RESERVES SLIDE TO 11 MONTH LOW

Published on Mar 10, 2025 12:32

The Indian Rupee slumped today; adding to recent weakness as India-US trade worries continued to weigh on the sentiments. INR opened around 40 paise lower despite muted undertone in the US dollar index. US President Donald Trump stated on Friday that India charges massive tariffs and noted that the US can`t sell anything in the country. This pulled INR down even as the US dollar index lingered under 104 mark. INR currently quotes at 87.24, down 29 paise on the day against the US dollar. Meanwhile, India`s forex reserves dropped by $1.781 billion to $638.698 billion in the week ended February 28, testing their lowest levels in 11 months, the RBI said on Friday. Foreign currency assets, a major component of the reserves, decreased by $493 million to $543.35 billion.