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The rupee pared losses and settled on a flat note at 85.40 (provisional) against the US dollar in a volatile trade on Wednesday amid rising crude oil prices and a negative trend in domestic equities.
Forex traders said increased month-end dollar demand added strength to the American currency, keeping the local unit under pressure, while investors also moved cautiously awaiting cues from domestic macroeconomic data.
India’s industrial production data for April will be released later in the day, while the GDP growth figures for the first quarter of FY26 are scheduled to be announced on Friday.
At the interbank foreign exchange, the domestic unit opened at 85.59 and moved between an intraday high of 85.33 and a low of 85.72 against the greenback.
The local unit ended the session at 85.40 (provisional) against the dollar, unchanged from its previous close.
On Tuesday, the rupee closed 30 paise lower at 85.40 against the greenback.
According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, the rupee traded flat as the dollar index remained steady.
“With major economic data lined up this week — including the US Fed meeting minutes, Q1 GDP, and Core PCE Price Index — the rupee’s trajectory will largely be guided by foreign fund activity in the secondary markets. In the near-term, the rupee is expected to move within a range of 84.80 to 85.75,” he said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.05 per cent at 99.47.
Analysts attributed the greenback’s strength to improving US consumer confidence on better than expected durable goods orders and consumer confidence data.
Brent crude, the global oil benchmark, rose 0.67 per cent to $64.52 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex fell 239.31 points, or 0.29 per cent, to close at 81,312.32, while the Nifty declined 73.75 points, or 0.30 per cent, to 24,752.45.
Foreign institutional investors (FIIs) purchased equities worth ₹348.45 crore on a net basis on Tuesday, according to exchange data.
Published on May 28, 2025
This article first appeared on The Hindu Business Line
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