Rupee slips 38 paise to close at 85.82 against US dollar

New Delhi: The Indian rupee fell by 38 paise, marking its largest decline in over five weeks, to settle at 85.82 (provisional) against the US dollar on Monday. This drop comes amid escalating global tensions related to the ongoing tariff war and growing concerns over a potential global economic slowdown.

Despite a drop in crude oil prices and a weaker US dollar, these factors were unable to stop the rupee's slide, as both foreign and domestic equity investors rushed to withdraw from the market, forex traders noted. They explained that global currency markets experienced heightened volatility, as investors sought to minimize risks following the US administration's implementation of extensive reciprocal tariffs on several countries, coupled with China's retaliatory tariffs on US imports..