U.S. President Donald Trump said on Tuesday the U.S. would "pretty soon" charge a 10% tariff on imports from BRICS countries, drawing another complaint from Brazil President Luiz Inacio Lula da Silva,

In a climate of escalating global trade tensions, President Donald Trump's tariff strategy has sparked varied reactions worldwide, including a direct challenge from the BRICS bloc.

The domestic currency opened 16 paise lower at 85.86 against the dollar on Wednesday, according to Bloomberg. The rupee has depreciated by 0.27 per cent against the greenback in the current financial year, and has witnessed 0.1 per cent depreciation in the current calendar year.