Rupee opens 7 paise down against dollar at 88.76 tracking weakness in Asian currencies

Indian rupee

The rupee opened 7 paise down on October 13 following weakness in some Asian currencies amid renewed trade tensions between the United States and China.

The local currency opened at 88.76 against the dollar after eneding the previous session at 88.69.

Among Asian currencies, the Japanese yen was down 0.52 percent against the dollar, South Korean won 0.42 percent, Taiwanese dollar 0.34 percent and the Indonesian rupiah declined 0.16 percent, according to Bloomberg data.

Tension between the US and China spiked after United States President Donald Trump announced on Friday (local time) that Washington will slap a 100 per cent tariff on all Chinese goods beginning November 1.

The new tariff would be applied “over and above any Tariff that they are currently paying”, Trump said.

The threat came after Beijing declared it would impose extensive export restrictions on rare earth minerals -- critical for technology and manufacturing — starting the same day.

Trump also said the US would enforce export controls on “any and all critical software”.

In a lengthy post on Truth Social, Trump condemned China’s actions, calling them a “moral disgrace in dealing with other Nations.” He wrote, “It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them.”

"Technically, resistance stands at 88.80–88.85, and a break above could open the doors toward 89.00–89.20. On the flip side, support rests at 88.20–88.40, and a move below could mark the start of a gradual appreciation," Amit Pabari, managing director at CR Forex Advisors said.

(with agency inputs)