By Nimesh Vora
MUMBAI (Reuters) – The Indian rupee struggled to hold gains on Tuesday after China said it will impose tariffs on U.S. goods in retaliation to U.S. President Donald Trump’s levies.
The rupee was at 87.1125 at 11:05 a.m. IST, after rising to 87.0150 earlier in the day. The local unit closed at 87.1850 in the previous session.
China’s finance ministry announced a package of tariffs on a range of U.S. products in an immediate response to a 10% tariff on Chinese imports announced by U.S. President Donald Trump that went into effect at 0501 GMT.
The dollar rose against its major peers, U.S. equity futures declined, and the Chinese yuan dropped following China’s announcement.
Trump had suspended tariffs Canada and Mexico for 30 days, but not on China.
(Reporting by Nimesh Vora; Editing by Varun H K)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.