The Indian rupee weakened past 87 to the U.S. dollar for the first time ever on Monday in the wake of a slump in Asian currencies and equities after U.S. President Donald Trump's tariff threats became a reality.

The USD/CAD pair builds on last week's breakout momentum above a short-term trading range and gains strong positive traction during the Asian session on Monday. The momentum lifts spot prices to mid-1.4700s, or the highest level since April 2003, and is sponsored by the launch of US President Donald Trump's tariff trade war.

The rupee fell by 67 paise to hit record low of 87.29 against the US dollar in early trade on Monday, February 3, 2025, a day after US President Donald Trump's tariffs on Canada, Mexico and China that triggered fears of a broad trade war.

The Indian rupee weakened past 87 per U.S. dollar for the first time on Monday, as Asian currencies slumped after U.S. President Donald Trump imposed tariffs on the country's largest trading partners,