The Indian rupee fell to a record low on Monday after U.S. President Donald Trump slapped tariffs on imports from the country's three biggest trade partners, stoking fears of a trade war that rattled global financial markets.

The Indian rupee recovered 13 paise against the US dollar on Tuesday after President Trump agreed to pause tariffs on Mexico and Canada. The currency had reached an all-time low on Monday.

The fall of the rupee to a new all-time low was in line with other global currencies, which weakened against the greenback after Trump imposed tariffs on Canada, Mexico and China, and threatened to increase levies on the European Union.