The Indian rupee continued its losing streak for a fifth consecutive session on Tuesday as Washington confirmed it will impose an extra 25% levy on Indian goods, clouding the outlook for Asia's third-largest economy.

MUMBAI: The Indian rupee continued its losing streak for a fifth consecutive session on Tuesday as Washington confirmed it will impose an extra 25 percent levy on Indian goods, clouding the outlook for Asia’s third-largest economy.

President Donald Trump made good on his threat to double tariffs charged on goods from India to 50%, a move that could endanger relations with one of America’s most important trading partners and send shockwaves to consumers.