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Rupee falls to 87.71 against US dollar on tariff fears
The rupee dropped by 13 paise to close at 87.71 against the dollar on Friday, thanks to weak local markets and fresh trade tensions with the US.
With America set to slap a hefty 50% tariff on Indian imports from August 27, uncertainty is running high.
A weaker rupee means pricier imports
A weaker rupee means pricier imports and more expensive stuff for everyone, plus it can scare off foreign investors.
Trade fights like this also risk higher inflation and shake up business confidence.
Sensex took a big hit
The Sensex took a big hit, falling 765 points after the tariff news broke.
Foreign investors pulled nearly ₹5,000 crore out of Indian stocks in just one day.
Analysts say as long as trade tensions stay hot and the dollar stays strong, expect more currency ups and downs ahead.