👉 US President Donald Trump announced a 25% tariff rate on imports from India, starting August 1
👉 Indian stock futures slid and the rupee dropped
👉 The dollar/rupee one-month forward was up 0.9% to 88, pushing the pair to its highest since February
👉 The iShares MSCI India stocks ETF was down over 1%
👉 The additional penalty over India's energy purchases could lead investors to sell shares of Reliance Industries Ltd. and several state-owned refiners