The Indian rupee experienced a sharp decline of 30 paise, reaching 87.25 against the US dollar in early trading on Monday. This drop came as the American currency rebounded from its six-month low, while trade-related uncertainties dampened investor sentiment.
Forex traders noted that a weak domestic equity market and continued foreign fund outflows added pressure on the local currency. However, a decline in crude oil prices provided some relief.
At the interbank foreign exchange, the rupee opened on a weaker note at 87.24 amid heightened volatility. It touched a low of 87.34 before stabilizing at 87.25 against the dollar, marking a 30-paise drop from its previous close.