The Indian rupee is poised to open at an all-time low against the dollar on Monday, tracking a slump in Asian currencies and risk aversion on worries over a trade war between the U.S. and its trading partners.

This comes amid investor worries over potential trade war between US and its trading partners following tariff threats.

Finance Minister Nirmala Sitharaman, in an interview with PTI, dismissed concerns over the rupee’s depreciation, attributing it to a stronger US dollar. She highlighted India’s stable macroeconomic fundamentals and RBI’s forex interventions.

The Indian rupee weakened past 87 per U.S. dollar for the first time on Monday, as Asian currencies slumped after U.S. President Donald Trump imposed tariffs on the country's largest trading partners,

The dollar index was up 0.3% at 109.8, while Asian currencies weakened, with the offshore Chinese yuan down 0.5% at 7.35 per US dollar.