- The rupee rose 3 paise to 87.69 against the US dollar in early trade
- US increased tariffs on Indian exports to 50 per cent under Trump administration
- Trump imposed extra 25 per cent tariff over India's Russian crude oil imports
A day after the Donald Trump-led US administration increased the tariffs on Indian exports to 50 per cent, the rupee opened stronger against the US dollar in early trade. The rupee rose 3 paise to 87.69 against the US dollar in early trade.
US President Donald Trump yesterday announced an extra 25 per cent tariff on Indian exports as a 'penalty' for New Delhi continuing to import Russian crude oil. Trump warned other countries that buy Russian oil of similar measures.
After the total tariffs on Indian exports to the US rose to 50 per cent, the Ministry of External Affairs responded that the US targeting India over Russian oil imports is "unfair, unjustified, and unreasonable".
"We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the objective of ensuring the energy security of 1.4 billion people..."
"It is therefore extremely unfortunate the US should choose to impose additional tariffs on India... for actions that several other countries are also taking in their own national interest," the government said.
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