USD/INR Rises as Trump Threatens 10% Tariff on Anti-American BRICS Policies
- The Indian Rupee slumps against US Dollar as Trump threatens to impose 10% on countries supporting BRICS’ anti-American policies.
- Trump prepares to send letters, outlining tariff rates, to nations that fail to secure trade deal during the tariff deadline.
- Traders pare Fed dovish bets on upbeat US NFP data.
The Indian Rupee declines significantly against the US Dollar (USD) at the start of the week. The USD/INR pair advances to near 86.15, the highest level seen in a week, as United States (US) President Donald Trump threatens in a post on Truth.Social that he will impose additional 10% tariffs on countries that align with BRICS’s anti-American policies, with the specification that there would be no expectations.
“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. Thank you for your attention to this matter!” Trump wrote.
This came after BRICS nations condemned unilateral tariffs and non-tariff barriers that are disturbing global trade and are inconsistent with World Trade Organization (WTO) rules in the Rio declaration. However, nations didn’t specify the US while expressing concerns over unilateral trade barriers.
India, being a founding member of BRICS, is not immune to new Trump tariffs’ threats and could see some disruption in ongoing trade negotiations with the US.
No confirmation about striking a deal between the US and India ahead of the reciprocal tariff deadline on Wednesday, even as Washington expressed confidence on July 3 that it could reach a deal with New Delhi within 48 hours, which was supposed to be July 5, has raised concerns over the finalization of the trade pact.
A report from the NDTV showed on Thursday that India and the US can announce a trade agreement within “48 hours”.
Indian Rupee PRICE Today
The table below shows the percentage change of Indian Rupee (INR) against listed major currencies today. Indian Rupee was the weakest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | INR | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.43% | 0.49% | 0.71% | 0.59% | 0.96% | 0.60% | 0.49% | |
| EUR | -0.43% | 0.08% | 0.05% | 0.15% | 0.59% | 0.41% | 0.05% | |
| GBP | -0.49% | -0.08% | -0.04% | 0.09% | 0.53% | 0.14% | -0.15% | |
| JPY | -0.71% | -0.05% | 0.04% | 0.11% | 0.46% | 0.31% | -0.17% | |
| CAD | -0.59% | -0.15% | -0.09% | -0.11% | 0.37%</td
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