As of 10:20am, the rupee was trading at 280.05 against the dollar.

On Thursday, the rupee also closed at 280.05.

The US dollar strengthened on Friday, while the euro continued to drop from a five-month high as markets grappled with rising global trade tensions and the looming threat of a significant economic slowdown.

Adding to the market volatility, US President Donald Trump warned of imposing a 200% tariff on imports of wine, cognac, and other alcoholic beverages from Europe.

These rising tensions among traditional allies unfolded after the EU announced plans to levy tariffs on American whiskey and other products next month, a move that stems from Trump’s recent 25% tariffs on steel and aluminum imports that were implemented earlier this week.

The escalating trade conflict has heightened uncertainty and concerns about a potential economic downturn, leading the S&P 500 to enter correction territory on Thursday, as investors flocked to US Treasuries and other safe-haven assets.

The euro dipped to $1.0847, having further retreated from Tuesday’s five-month high due to the EU-US trade dispute causing market disturbances and Germany’s difficulties in passing a substantial spending proposal.

Additionally, oil prices, a crucial indicator of currency value, recovered some of the more than 1% losses from the previous session on Friday, driven partly by waning expectations of a swift resolution to the Ukraine conflict that could restore Russian energy supplies.

Brent crude futures increased by 46 cents, or 0.7%, to reach $70.34 a barrel by 0406 GMT, following a 1.5% decline in the prior session.

Meanwhile, US West Texas Intermediate crude was priced at $67.03 a barrel, up 48 cents, or 0.7%, after a 1.7% drop on Thursday.

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