The rupee opened at 87.03/$1 on Monday and weakened to 87.285/$1 in early trading, before it erased some losses toward the end of the trading session. The rupee had closed at 86.6/$1 on Friday.

Forex traders said the Indian rupee touched a fresh all-time low on a surge in the US Dollar index and weak global markets after Trump Tariffs on Canada Mexico, and China triggered fears of a broad trade war.

The Indian rupee is poised to open at an all-time low against the dollar on Monday, tracking a slump in Asian currencies and risk aversion on worries over a trade war between the U.S. and its trading partners.

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.