Indian rupee depreciated against the US dollar on Friday weighed down by weak domestic equities as India-U.S. trade deal uncertainty continues to dent domestic market sentiments. Traders took note of report that Apparel Export Promotion Council (AEPC) has said that the doubling of tariffs to 50 per cent by the Trump administration on Indian goods will sound the death knell for micro and medium enterprises, particularly those heavily dependent on the American market. Besides, think tank GTRI indicated that 50% tariff imposition on Indian goods by US may cause 50% to 70% declined in exports of nine product categories, including organic chemicals, apparel, jewellery and shrimp. On the global front, ringgit continued its retreat against the US dollar on profit-taking after recent gains to close lower on Friday.
Finally, the rupee ended at 87.61 (Provisional), depreciated by 03 paise from its previous close of 87.58 on Thursday. The currency touched a high and low of 87.75 and 87.52 respectively.
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