The Indian rupee fell past 87 against the United States dollar on Monday, an all-time low, amid a slump in Asian currencies after US President Donald Trump’s new tariffs, Reuters reported.

The rupee opened at 87.00 on Monday and plunged further to 87.29. This was a fall of 67 paise from its previous close (Rs 86.62) on Friday.

Trump on Saturday had imposed 25% tariffs on goods from Canada and Mexico and 10% on those from China.

Canada and Mexico had immediately announced retaliatory tariffs on the US and China said that it would take other “countermeasures” and challenge Trump’s decision at the World Trade Organisation.

The developments have led to fears of a broader trade war.

The Indian rupee remains under pressure because of the continued outflow of foreign funds and the higher demand for the US dollar from oil importers, PTI quoted foreign exchange experts as saying.

Foreign institutional investors sold $32.6 billion on a gross basis in January. The net outflow was $7.6 billion during the month.

On Monday, the Chinese yuan also fell 0.5% at 7.35 per US dollar.

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