Rupee Opens Weaker at 85.57 Amid Trump's Tariff Threat on BRICS Nations
- Indian rupee opened weaker at 85.57 per US dollar, down from 85.39, amid rising global trade tensions.
- Donald Trump threatened a 10% tariff on all BRICS countries for supporting 'anti-American policies'.
- BRICS summit in Brazil sees member nations discussing unified stances on trade, Middle East conflict, and global arms spending.
The Indian rupee opened 0.18 paise weaker at 85.57 against the US dollar on Monday, compared to its previous close of 85.39 on friday, as investor sentiment took a hit following a controversial statement by former US President Donald Trump.
In a post on Truth Social, Trump threatened to impose a 10% unilateral tariff on BRICS countries, accusing them of supporting 'anti-American policies'. He wrote, “Any country aligning themselves with the anti-American policies of BRICS will be charged an additional 10% tariff. There will be no exceptions to this policy”.
The threat comes as the BRICS summit unfolds in Rio de Janeiro, Brazil, with leaders from 10 member countries Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the UAE meeting to discuss joint positions on trade tariffs, the Middle East conflict, and global arms expenditure.
The rupee’s decline reflects concerns over rising geopolitical tensions and the potential impact on global trade, especially as the BRICS bloc moves to take unified stances opposing Trump's proposed economic measures.
