Indian rupee depreciated against the US dollar on Monday amid escalating global tensions related to the ongoing tariff war and growing concerns over a potential global economic slowdown. Sentiments remained weak as CareEdge Ratings in a report said the imposition of high reciprocal tariffs by the US on other competing nations raises the possibility of increased dumping by those nations in India, as well as in other export markets, which could negatively impact certain sectors. On the global front, antipodean currencies such as the Australia and the New Zealand dollars weakened against their major counterparts in the Asian session on Monday amid ongoing concerns about a global trade war after China announced retaliatory tariffs on U.S. goods in reaction to U.S. President Donald Trump's new levies that could fuel inflation and damage the global economy.
Finally, the rupee ended at 85.76 (Provisional), depreciated by 32 paise from its previous close of 85.44 on Friday. The currency touched a high and low of 85.90 and 85.57 respectively.
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