Rupee on historic decline! Falls 45 paise to Rs 87.95 per dollar

The rupee fell 45 paise to a record low of 87.95 per dollar in early trade on Monday amid the strength of the US currency in foreign markets and a negative trend in domestic stock markets.

Forex traders said the dollar index reached 108 after US President Donald Trump announced a new 25 percent duty on all steel and aluminum imports.

They said the move has raised concerns about a global trade war as China's reciprocal tariffs have also come into effect.

The rupee opened at 87.94 per dollar in the interbank foreign exchange market and slipped to an all-time low of 87.95 against the dollar in early trade, showing a decline of 45 paise from its previous close.

The rupee closed at 87.50 against the US dollar on Friday.

Meanwhile, the dollar index, which gauges the US dollar's strength against a basket of six major currencies, rose 0.22 per cent to 108.28.

International benchmark Brent crude rose 0.63 per cent to $75.13 per barrel.

According to stock market data, foreign institutional investors (FIIs) were sellers on Friday and sold shares worth a net Rs 470.39 crore.

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