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Rupee falls 22 paise to 87.78 against US dollar in early trade

Mumbai, Aug 26 (PTI) The rupee depreciated 22 paise to 87.78 against the US dollar in early trade on Tuesday after the US issued a draft notice detailing plans to impose an additional 25 per cent tariff on India. Forex traders said the rupee lost momentum as worries over the looming 25 per cent US tariff on Indian goods, set to take effect from August 27, drove strong dollar demand from importers. The United States has issued a draft notice detailing plans to implement the additional 25 per cent tariff on Indian products, as previously announced by President Donald Trump.

US issues draft notice detailing plans to impose additional 25% tariff on India

Washington, Aug 26 (PTI) The United States has issued a draft notice detailing plans to implement the additional 25 per cent tariff on Indian products, as previously announced by President Donald Trump, that will come into effect from August 27. The Department of Homeland Security, in the draft order published on Monday, said the increased levies would hit Indian products that are “entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 am eastern daylight time on August 27, 2025”. On August 7, Trump announced doubling tariffs on Indian goods to 50 per cent for India’s purchase

Trump says he’s firing Fed Governor Lisa Cook, opening new front in fight for central bank control

WASHINGTON, August 26, 2025 (AP) — President Donald Trump said Monday night that he’s firing Federal Reserve Governor Lisa Cook, an unprecedented move that would constitute a sharp escalation in his battle to exert greater control over what has long been considered an institution independent from day-to-day politics. Trump said in a letter posted on his Truth Social platform that he is removing Cook effective immediately because of allegations that she committed mortgage fraud. Cook said Monday night that she would not step down. “President Trump purported to fire me ‘for cause’ when no cause exists under the law, and

Why US Federal Reserve has historically been independent of the White House

WASHINGTON, August 26, 2025 (AP) — President Donald Trump says he is firing Federal Reserve Governor Lisa Cook late Monday, in a move viewed as a sharp escalation in his battle to exert greater control over the independent institution. Trump said in a letter posted on his Truth Social platform Monday that he is firing Cook because of allegations that she committed mortgage fraud. The allegation was made last week by Bill Pulte, a Trump appointee to the Federal Housing Administration, an agency that regulates mortgage giants Fannie Mae and Freddie Mac. Cook previously said she would not leave her

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