Rupee Falls After India Announces Tariffs on US Goods

The Indian rupee fell against the US dollar today after India decided to enter a trade war with the United States.
India announced that it is implementing tariffs on 28 US products. The tariffs were a response for the withdrawal of preferential treatment of Indian imports by the United States, which was allowing Indian goods to enter the US markets levy-free. The news demonstrated that not all countries are going to be as willing to submit to US demands as Mexico, and some of them will be willing to go for “tit-for-tat” measures.
USD/INR rose 0.18% to $69.9288 as of 10:38 GMT today.

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