Tuesday, June 17, 2025 | 10:32 PM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Indian Rupee snaps three-day winning streak; ends 27 paise lower at 85.52/$

The domestic currency closed 27 paise lower at 85.52 after ending at 85.28 against the greenback on Wednesday

Rs, Rupee, Indian Currency, 20 Rs, Economy

Rs, Rupee, Indian Currency, 20 Rs, Economy(Photo: Reuters)

SI Reporter Mumbai

Listen to This Article

Indian Rupee snapped three days of gains to end lower on Thursday, even as crude oil prices fell sharply along with a decline in the dollar index. 
 
The domestic currency closed 27 paise lower at 85.52 after ending at 85.28 against the greenback on Wednesday, according to Bloomberg data. The currency has remained volatile this month and has fallen by around 1.4 per cent so far. 
 
During the day, crude oil prices continued their plunge amid reports that the US and Iran are getting closer to a deal on the country’s nuclear program. Brent crude price was down 3.80 per cent to $63.58 per barrel, while WTI crude prices were lower by 4.04 per cent at 60.60, as of 3:35 PM. 
 
 
The dollar index also continued to remain weak as the US clarified that it is not seeking to weaken the dollar as part of trade deals. The dollar Index was trading 0.26 per cent lower at 100.77. The index remains well bid and is likely to test higher resistance levels near 102.50-103.00, while immediate support lies around 100.00-100.20, according to Amit Pabari, managing director of CR Forex Advisors. 
 
Meanwhile, US President Donald Trump on Thursday said that India has proposed zero tariffs on American goods as part of efforts to strike a new trade agreement with Washington. This sent the stock market higher, in what was rather a muted trading session. 
 
Traders also weighed on a potential rate cut in the upcoming policy meeting by the Reserve Bank of India after the latest inflation data. Wholesale Price Inflation cooled to a 13-month low of 0.85 per cent in April, while the consumer inflation rate stayed below the RBI's 4 per cent target for two consecutive months. Economists foresee three back-to-back reductions in the policy repo rate, starting with a 25 basis point cut in June. 
 
The Indian trade data is expected to be released today after yesterday's inflation data showed lower retail and wholesale inflation as food prices fell, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, said.
 
From a technical perspective, the Dollar-Rupee pair remains in a downtrend, and every uptick is likely to present a selling opportunity, Pabari said. "For now, the pair is expected to trade within a range of 84.80-85.80 levels." 
 

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 15 2025 | 3:55 PM IST

Explore News