Tariff jitters pull Re down 53 paise to 85.85 per $

MUMBAI: The rupee fell sharply on Monday, closing at 85.85 against the dollar, down 53 paise from Friday's 85.33. It touched an intra-day low of 86.03, marking its steepest single-day loss since mid-Jun.

The slide followed President Trump's threat of 10% tariffs on BRICS countries, which dented sentiment across emerging markets, pulling down the offshore yuan and South African rand."Rupee traded weaker as dollar strength returned amid renewed uncertainty over US trade deals," said Jateen Trivedi, VP, research analyst, LKP Securities. With the 90-day tariff extension ending and no formal deals signed, market caution has increased. Trivedi expects rupee to remain in 85.25-86.25 range.