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 fall of the rupee to a new all-time low was in line with other global currencies, which weakened against the greenback after Trump imposed tariffs on Canada, Mexico and China, and threatened to increase levies on the European Union.

The Indian rupee plummeted to a new all-time low of 87.11 against the US dollar on Monday, driven by concerns over a potential trade war after the Trump administration imposed tariffs on Canada, Mexico,