Rupee touches 4-month high of 84.96/$, but closes at 85.23

Synopsis

The dollar scale declined to 101.27, but mildly strengthened to 102.66 aboriginal during the day. The rupee moved successful the scope of 84.95-85.33 to a dollar.

Mumbai: The Indian rupee appreciated past the 85/$1 people to interaction a four-month precocious of 84.96, earlier closing astatine 85.23 connected Friday, 20 paise stronger from its erstwhile adjacent of 85.43.

The portion weakened successful the second fractional of the time owed to firm hedging request and a flimsy uptick successful the dollar index. The Reserve Bank of India (RBI) apt absorbed dollars arsenic the rupee appreciated past the 85/$1 mark, traders said.

The dollar scale declined to 101.27, but mildly strengthened to 102.66 aboriginal during the day. The rupee moved successful the scope of 84.95-85.33 to a dollar.

"Today's strengthening of the rupee is majorly owed to retraction successful the dollar index. As China imposed tariffs connected the US, the dollar scale strengthened a bit, which tin beryllium seen arsenic the rupee weakened successful the second fractional of the day," said Dilip Parmar, currency probe analyst, HDFC Securities.

Agencies

Markets are present successful a wait-and-watch mode, particularly erstwhile it comes to tariff negotiations by antithetic countries with the US and expect the volatility to continue, traders said.

"The RBI apt intervened successful the marketplace and absorbed dollars to incorporate excess volatility, oregon we would person seen the rupee fortify further. The RBI seemed to person bought dollars via backstage banks," a currency trader said.

Markets volition present beryllium looking astatine the non-farm payroll (NFP) information from the US to gauge the quantum of complaint cuts successful 2025 by the US Federal Reserve. The NFP information is 1 of the astir important variables considered by the US Fed erstwhile it comes to deciding connected the trajectory of involvement rates successful the US.

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