The Indian rupee opened firmly against the US dollar today, but later it lost an early lead and closed at 85.25.
The rupee opened at 85.07 in the Interbank Forex Exchange Market and then climbed above 84 to the highest level of 84.96. After this, the fall in the rupee started and during the trading it reached a low of 85.34 and at the end of the trading it increased by five paise to 85.25 from the previous closed level of 85.30.
The global uncertainties generated by the US imposing mutual tariffs on 60 countries have reduced the ability to risk in global markets, causing a decline in crude oil prices due to the possibility of decrease in demand. Due to this, the rupee strengthened today. On Thursday, the rupee closed 30 paise above its previous closed price at 85.30, and today it rose 34 paise to 84.96 from its previous closed price, as the dollar weakened after the US announced a mutual fee late on Wednesday night. However, the rupee recovered after the dollar was slightly strengthened and the Indian stock market declined. Thus, the Indian currency closed up five paise from the previous closed price. Meanwhile, the dollar index, which reflects the status of the dollar against major currencies, was trading 0.51 percent to 102.58 today. Earlier in the session the index fell to 101.58, which was the lowest level after September 2024.
Foreign exchange reserves reach five -month high of $ 665.4 billion
India’s foreign exchange reserves rose $ 6.6 billion to $ 665.4 billion in the week ended March 28, the highest in five months. With this, this store has increased in a consecutive week. In the last three weeks, the reserves had increased by $ 20.1 billion in total, and with an increase of the previous week, the stock has increased by $ 26.7 billion in four weeks.
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