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Currency News

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(05 May 2025, 12:36)

INR around seven month high, lingers near 84 per US dollar

Indian rupee continued to witness excellent gains. The local currency started week on an upbeat note as firm equities boosted sentiments. The rupee appreciated by 35 paise to quote at 84.21 per US dollar. It is hovering around a seven-month low against the US dollar now. INR has seen a substantial rebound from its record low near 88 per dollar on 10 February 2025. The rupee's upward march has been largely attributed to sustained foreign portfolio inflows into Indian equities. A deep slide in WTI Crude oil futures, which broke under $60 per barrel mark also benefited the INR. Meanwhile, the local equities also held firm building onto recent gains to consolidate around four-month highs. The US dollar index has slipped today, giving up its moderate gains in last session to quote at 99.65, down 0.20% on the day.
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