The Indian rupee rose 34 paise to close at 85.38 today against the US dollar amid growing tension with Pakistan.
Following the initial decline in the session, the RBI intervened to compensate the loss and strengthened the rupee at the end of the session. With this, the rupee closed with a decline of 85 paise or 0.9 percent last week, the biggest weekly decline seen in recent weeks. Today the rupee opened at 85.88 in the interbank Foreign Currency Exchange Market, which is less than the previous closed level 85.72, which was the lowest level of the day. The rupee then reached the highest level of 85.32 and finally closed at 85.38 with a gain of 34 paise. The rupee recorded its biggest one -day decline since March 2023 on Thursday, which fell 81 paise to close at 85.72. Today, the minimum level of 85.88 of the rupee is the lowest level of the last one month. Earlier on yesterday and Wednesday, there was a total of 126 paise in the rupee in two days. Meanwhile, the dollar index, depicting the status of the dollar against six major currencies, was trading at 100.44, while the global benchmark Brent crude rose by 1.77 percent to $ 63.95 per barrel, while the American benchmark WTI crude increased by 1.89 percent to $ 61.04 per barrel.
Forex reserves decreased by $ 2 billion to $ 686 billion
According to data released by RBI, India’s foreign exchange reserves declined by $ 2.06 billion to $ 686.06 billion in the week ended on 2 May. However, last week the stock rose $ 1.98 billion to $ 688.12 billion. Forex assets rose $ 514 million to $ 581.17 billion in the week under review, while gold reserves declined by $ 2.54 billion to $ 81.62 billion. Significantly, India’s foreign exchange reserves reached an all -time high of $ 704.88 billion in September 2024.
Business: Adani Group signed a agreement for a 5,000 MW hydroelectric project in Bhutan
