Indian rupee depreciated against US dollar as looming global trade war stoking fears of economic meltdown. Traders were cautious about Reserve Bank of India's Monetary Policy Committee meeting's decision, which is due on tomorrow. Traders overlooked the report that the commerce ministry is stepping up efforts to help exporters explore new markets to push outbound shipments while also setting up a working group to monitor possible surge in imports from countries like China to tackle the impact of sweeping tariffs announced by the US. On the global front, antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the European session on Tuesday, as some calm returned to markets even as trade tensions escalated with Beijing saying that the U.S. threat to escalate tariffs against China is a 'mistake on top of a mistake' and amounts to blackmail.
Finally, the rupee ended at 86.26 (Provisional), depreciated by 50 paise from its previous close of 85.76 on Monday. The currency touched a high and low of 86.29 and 85.82 respectively.
