(Reuters) -Indian shares opened lower on Thursday after the United States said it would impose a 25% tariff on goods imported from the country starting August 1 and an unspecified penalty. The Nifty 50 fell 0.

According to the Bloomberg data, Indian rupee has depreciated 0.83 percent in last two weeks. On a year-to-date basis, the local currency is under pressure and second worst performing among Asian peers.

Not only did Trump impose a 25% tariff on India, he also announced a “penalty” on top of the duty because the South Asian country buys Russian oil.