The Indian rupee traded within a tight range during early hours on Monday, opening at ₹87.56 per US dollar and touching an intraday high of ₹87.55. On Friday, the rupee weakened by 13 paise to settle at ₹87.71 against the dollar, pressured by weak domestic equity markets and ongoing uncertainty surrounding the India-US trade agreement. Investor sentiment took a hit amid worries that steep 50% tariffs imposed by the US on Indian exports could hamper the country’s manufacturing sector and slow economic growth. This concern led to a sharp sell-off in Indian equities on Friday. The BSE Sensex dropped 765.47 points, or 0.95%, to close at 79,857.79, while the NSE Nifty slipped 232.85 points, also 0.95%, to end at 24,363.30 — marking the index’s sixth consecutive weekly loss. Further adding to the pressure was US President Donald Trump’s announcement that the new tariffs would come into effect in 21 days, making certain Indian goods among the most heavily taxed US imports. On the NSE, USDINR futures closed the week at ₹87.70, up 0.14% for the day.
