The week in charts: Rupee rattle, middle-class riddle, PM internship offers
Subscribe to enjoy similar stories. The Indian rupee has crossed the 87-per-dollar mark amid worries of more trade tariffs by US president Donald Trump. Meanwhile, the Indian government is planning formal talks with the US to address disputes around trade.
And over 82,000 offers have been made under the Prime Minister Internship Scheme (PMIS) until January end. The Indian rupee breached the 87 level against the US dollar after US President Donald Trump announced imposing 25% tariffs on Canada, Mexico and China, sparking fears of a trade war. The rupee weakened to 87.07 per dollar on Monday and continued its downward slide even as Canada and Mexico received a 30-day reprieve on tariff imposition.
The currency has depreciated nearly 2% since the beginning of this year. On Friday, the central bank cut the repo rate by 25 basis points to 6.25%—the first in nearly five years. Amid Trump's threats of tariffs on several countries, including India, the government is planning formal talks with the US to address disputes around trade, Mint reported.
Concerns remain about potential future tariffs, prompting India to engage with the US Trade Representative (USTR) to push for an exemption. India could present a list of goods to the US, highlighting their impact on the latter’s exporters. It will also emphasize India’s crucial role as a trade partner, particularly in sectors like pharmaceuticals and IT, which are vital to US supply chains.
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