Rupee closes at fresh low ahead of US jobs data; ends lower at 88.25/$

Indian Rupee today: The domestic currency opened 11 paise lower at 88.25 against the greenback on Friday

The Indian Rupee closed at a fresh low on Friday ahead of the US jobs data and amid reports that exporters are lobbying the Reserve Bank of India (RBI) to weaken the currency to offset US tariffs. 

 

The domestic currency opened 11 paise lower at 88.26 against the greenback on Friday, according to Bloomberg. During the session, it fell to a low of 88.35. So far this year, the rupee has depreciated 2.97 per cent, making it the worst performer among Asian peers.

 

Rupee traded weakly as renewed tariff concerns and persistent foreign portfolio investors (FPI) selling pressure for the past several months have continued to add to the rupee’s devaluation trend, according to Jateen Trivedi, VP research analyst - commodity and currency at LKP Securities. "With external headwinds dominating, the rupee is expected to remain volatile in the range of 87.90-88.50."

 

Global funds have been net sellers in stocks in the first four days of September and have sold equities worth ₹1.42 trillion so far this year, according to NSDL data.  

 

The dollar index was trading 0.35 per cent lower at 98 as weak US jobless claims reinforced the expectations of a September rate cut by the Federal Reserve. Traders will also eye the key jobs data on Friday, which is expected to extend the weakest stretch of US job growth since the pandemic, Bloomberg reported. 

 

Meanwhile, exporters are seeking a rupee exchange rate of around 103 per dollar for US earnings, according to a Bloomberg report. It also added that the RBI is already allowing the rupee to trade lower to offset the US tariffs. 

 

The recent revisions in the Goods and Services Tax (GST) provided only a marginal early boost to the economy, Bhansali said. The GST Council, chaired by the Union Finance Minister, reached a consensus on Wednesday to adopt a simplified two-tier rate structure. The new rates will take effect from September 22, the first day of Navratri.

 

In commodities, crude oil prices fell for the third day as investors await the Opec+ meeting on September 7, 2025, where potential output hikes will be considered. Brent crude price was down 0.09 per cent at 66.93 per barrel, while WTI crude prices were lower by 0.22 per cent at 63.34 per barrel, as of 3:45 PM IST.