The rupee weakened by 23 paise to 85.73 against the US dollar in early Wednesday trade, impacted by rising crude prices and growing concerns over reciprocal tariffs.
Forex traders noted that the Indian rupee started the first trading session of the 2025-26 fiscal year on a weaker note, amid investor concerns over Trump's stance on reciprocal tariffs and its potential impact on the country.
At the interbank foreign exchange, the rupee opened at 85.65 against the dollar before declining further to 85.73, marking a 23-paise drop from its previous close.