India's economic woes worsen as US tariff hike bites

The Indian rupee tumbled to a historic low on Friday, falling past the 88-per-dollar mark for the first time, as investors cited concerns over the impact of punitive US tariffs on Indian goods. Washington this week imposed an additional 25 percent tariff on Indian exports, doubling the total duties faced by India to 50 percent. The rupee slid to 88.29 against the US dollar, surpassing its previous all-time low of 87.95 hit in February. Following the Reserve Bank of India (RBI) intervention in the currency market, the rupee partially rebounded to 88.12 in the afternoon.