The Indian rupee weakened on Thursday on the back of dollar bids from foreign banks and a broadly stronger greenback, after U.S. President Donald Trump continued to up the ante on tariffs by announcing a 35% levy on Canadian imports starting August 1.

Chinese traders are pulling back from the dollar, helping ease a shortage that has rattled the banking system and setting the yuan up for further gains.

Economists told Newsweek that the decline is due to a confluence of factors, and a broad downgrade in America's economic outlook.

A troubling shift in the dollar’s trading relationship with U.S. stocks has eased somewhat over the past few weeks.

The Canadian dollar edged higher against its U.S. counterpart on Thursday but the move was modest as the greenback notched broad-based gains and after new U.S. trade tariffs cast doubt about prospects of a trade deal this month between Canada and the United States.

The U.S. Department of Justice's Antitrust Division and the U.S. Federal Trade Commission cleared three deals that were together worth $63 billion in June, illustrating how FTC Chairman Andrew Ferguson and DOJ antitrust head Gail Slater are taking a different tack from their predecessors.

The U.S. dollar just tallied its worst start to a calendar year since the era of free-floating exchange rates began. The second half of 2025 likely won’t be much better.

The U.S. dollar was steady on Thursday after retreating from a two-week high versus major peers, as markets took U.S. President Donald Trump's latest tariff salvos in their stride, except in Brazil where a threatened 50% levy sent the real sliding.