Rupee falls 55 paise to an all-time low of 87.17

India's forex reserves increase $5.574 bn to $629.557 bn in the week ended Jan 24

- Press Trust of India

MUMBAI: The rupee plunged 55 paise to close at an all-time low of 87.17 (provisional) against the dollar on Monday, as global market sentiments were impacted after the Trump administration slapped tariffs on Canada, Mexico and China.

Forex traders said the Indian rupee touched a fresh all-time low on a surge in the dollar index and weak global markets after Trump's tariffs on Canada, Mexico, and China triggered fears of a broad trade war.

Donald Trump slapped Canada and Mexico with 25% duties and China with a 10% duty. At the interbank foreign exchange, the rupee opened on a weak note at 87.00 and touched an intraday low of 87.29 against the American currency during the session.

The local unit finally settled at a record closing low of 87.17 (provisional), lower by 55 paise over its previous close.