Indian stock futures slid and the rupee dropped offshore on Wednesday after US President Donald Trump said he would impose a tariff rate of 25% along with an additional penalty on imports from the world’s fastest growing major economy.
While the announcement came after Indian markets had closed, NSE Nifty 50 future contracts traded at GIFT City fell as much as 0.5%, erasing earlier gains of 0.4%. The dollar/rupee one-month forward was up 0.9% to 88, pushing the pair to its highest since February, according to data compiled by Bloomberg. The iShares MSCI India stocks ETF, which trades in the US, was down over 1%.
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