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(05 Feb 2025, 09:09)

Indian Rupee: Likely to extend recovery amid dollar weakness overseas


The Indian rupee could extend some recovery in opening trades on Wednesday tracking weakness in greenback overseas and easing international crude oil prices. Positive cues from equities could also lend some support t the local unit. Yesterday, rupee recovered 3 paise from its all-time low level to close at 87.08 against US dollar, as the American currency index retreated from its elevated levels. The dollar index partly gave up yesterday’s sharp up move after US President Donald Trump confirmed he has reached an agreement with Mexican President Claudia Sheinbaum to pause recently implemented tariffs on Mexico for one month. The US dollar index, which had surged past 109.88 level, retreated under 108 level. Positive local equities also perked up gains in the counter. The benchmark S&P/BSE Sensex jumped 1,397.07 points, or 1.81 percent, to 78,583.81 while the broader NSE Nifty index closed up 378.20 points, or 1.62 percent, at 23,739.25.

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