Rupee rises 5 paise to 87.67 against US dollar

MUMBAI: The rupee traded in a narrow range and appreciated 5 paise to 87.67 against the US dollar in early trade on Thursday, after US President Donald Trump slapped an additional 25 per cent duty — doubling it to 50 per cent — on Indian goods over New Delhi’s continued imports of Russian oil.

Forex traders said Trump’s aggressive move, which kicks in 21 days, threatens to raise total duties on select Indian exports to as high as 50 per cent — making them among the most heavily taxed US imports globally.

At the interbank foreign exchange, the domestic unit opened at 87.69 against the US dollar then touched an initial high of 87.67, higher by 5 paise over its previous close.