MUMBAI (Reuters) -- The Indian rupee dropped past the 88-per-dollar mark for the first time on Friday, hitting a record low with markets digesting the implications of additional U.S. tariffs on Indian goods.
The slide reflects mounting concerns among investors about the impact of Washington’s hefty levies on the country’s trade and growth outlook.
The rupee dropped to 88.24 to the U.S. dollar, breaching its prior lifetime low of 87.95.
Washington imposed an additional 25% tariff on Indian goods this week, doubling the total duties faced by the South Asian nation to 50%.
A tariff-led drag on exports could add some incremental pressure to India's trade balance, Hari Shyamsunder, vice president and senior institutional portfolio manager –- emerging markets equity -- India, at Franklin Templeton, said.
