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The Indian rupee weakened past 87 per U.S. dollar for the first time on Monday, as Asian currencies slumped after U.S. President Donald Trump imposed tariffs on the country's largest trading partners,

The Indian rupee breached the 87 per dollar mark for the first time today, a steep fall from its previous close of 86.61/$ on January 31. The depreciation can largely be blamed on rising global trade tensions, sparked by new tariffs imposed by US President Donald Trump on imports from Mexico, Canada, and China.

The Indian rupee recovered 13 paise against the US dollar on Tuesday after President Trump agreed to pause tariffs on Mexico and Canada. The currency had reached an all-time low on Monday.

Late Monday night, Trump announced a 30-day delay on proposed tariffs for Canadian and Mexican import after holding discussions with leaders of both nations.

The first day of trading after U.S. President Donald Trump imposed higher tariffs on Canada, Mexico and China saw turbulence across stock markets across Asia and Europe. Most emerging market currencies suffered,

The Indian rupee weakened past 87 to the U.S. dollar for the first time ever on Monday in the wake of a slump in Asian currencies and equities after U.S. President Donald Trump's tariff threats became a reality.

Trump imposed a 10% duty on Chinese exports to the U.S, and 25% tariffs on Canada and Mexico, two of its top trading partners.

The fall of the rupee to a new all-time low was in line with other global currencies, which weakened against the greenback after Trump imposed tariffs on Canada, Mexico and China, and threatened to increase levies on the European Union.