The rupee was depreciated to 75.45 on initial trade on Thursday, and the US dollar tracked stronger American currencies after President Donald Trump blocked the Cleaning Bureau’s tariff order. The court’s decision raised hopes to reduce global trade uncertainty and support the strength of the dollar worldwide.
In interbank foreign exchange, the domestic unit was opened at 85.56 and then trimmed trade at 85.45 at 85.45, reducing seven paises from the previous end of 85.38.
Read again:Currency Market News: Rupee Loss settles flat at 85.40 against the dollar
Coarse climbing, weak industrial products drag rupee
Global oil prices rise in April and disappointing domestic industrial production data put pressure on local currencies, forex traders said. International benchmark Brent crude oil rose 1.11% in futures trade to $65.62 per barrel.
According to official data released on Wednesday, India’s industrial production growth slowed to 2.7% in April 2025, focusing on slower performance in the manufacturing, mining and electricity sectors.
Meanwhile, the Dollar Index, which measures greenback performance against a basket of six major currencies, weighed further with Rupee, increasing by 0.40% to 100.18.
Read again:First trade: Higher index tracking positive global queues, open over 24,850 nifties
Stock inflow, strong opening limits rupee reduction
Despite external pressure, the continued inflow of foreign funds and positive trends in domestic equities helped limit the rupee fall. Foreign institutional investors (FII) purchased stock worth Rs 4,662.92 on a net basis on Wednesday, according to stock exchange data.
On its weekly expiration date, domestic stocks were opened with a strong note following a positive global queue. The NIFTY50 rose 0.4% or 100 points to 24,852.55, while Sensex scored 81,642.17 to 329.85 points or 0.41% in early trade.
The broader market also witnessed profits, with the SmallCap index surpassing Midcaps. Bank Nifty was resilient and driven by major counters such as HDFC Bank, ICICI Bank, Federal Bank, Kotak Mahindra Bank and Axis Bank.
(Includes PTI input)
