The Indian rupee opened 2 paise weaker at 88.1362 against the US dollar on September 10, following a news report that US President Trump has asked the European Union to hit China and India with tariffs of up to 100% over the countries’ Russia oil purchases.
"The Indian rupee (is likely) to trade in the range of 87.80 to 88.30 against the US dollar," said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.
The recent depreciation of the currency is, however, finding some support after President Trump posted on Truth Social that Washington and New Delhi will resume negotiations to resolve ongoing trade frictions, even as the US administration's 50 percent levy on Indian goods.
Trump had announced, “I am pleased to announce that India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations," suggesting that the tariff tensions between both the countries may eventually be resolved through dialogue.
"I look forward to speaking with my very good friend, Prime Minister Narendra Modi, in the upcoming weeks. I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!" he further noted.
Hours after Donald Trump softened his stance on the India-US trade deal, Prime Minister Modi responded that he too was 'look forward' to speaking with the President.
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