The Indian rupee has already been on a declining trend, losing nearly one rupee against the UAE dirham over the past two months

India’s financial markets opened deep in the red on July 31 as the rupee slumped to a five-month low following U.S. President Trump’s shock 25% tariff decision on Indian imports.

According to the Bloomberg data, Indian rupee has depreciated 0.83 percent in last two weeks. On a year-to-date basis, the local currency is under pressure and second worst performing among Asian peers.