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The Indian rupee extended its rally on Friday, breaching the 84 mark against the US dollar to hit a seven-month high, likely driven by foreign equity inflows.
The domestic currency appreciated 71 paise to 83.78 against the greenback, after opening at 84.09 on Friday. The current logged its best single-day gain in nearly two-and-a-half years in the last session to close at a five-month high.
After hitting a record low of 87.95 per dollar on February 10, 2025, the Indian rupee rebounded, gaining 2 per cent in March and 1.16 per cent in April.
During the previous trading session, the rupee appreciated, supported possibly by strong equity and debt inflows, Amit Pabari, managing director at CR Forex Advisors, said. "The rupee was further buoyed by positive comments from Trump on US-India tariff talks."
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The Indian rupee is set to open stronger, supported by continued foreign portfolio inflows and dollar selling, despite a rise in the dollar index, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. "The Reserve Bank of India (RBI) has been surprisingly absent from the market as it did not buy the dollar inflows despite having a short position of almost $84 billion in March-25."
Caution persists for the Rupee amid ongoing geopolitical risks, particularly tensions with Pakistan over Kashmir, which could spark rupee volatility, Pabari noted. At the same time, the Dollar Index has found support at 98 and may rebound toward 102 on the back of renewed trade optimism, he said.
Meanwhile, China's commerce ministry said its door is open for trade talks and has repeatedly expressed its willingness to negotiate on tariffs with the US. Reuters reported, quoting the commerce ministry, that the US should be prepared to take action to correct "erroneous" practices and cancel unilateral tariffs.
The dollar index — a measure of the value of the US dollar relative to a basket of foreign currencies — was down 0.22 per cent at 100.02, as of 9:13 AM IST. This comes after the index logged its weakest monthly performance since November 2022.
Crude oil prices rose on Friday following US President Donald Trump's warning of secondary sanctions on Iran, after a fourth round of US-Iran talks was postponed. Brent crude oil was up 0.79 per cent to $62.62 per barrel, while WTI crude was up 0.86 per cent at 59.75 per barrel as of 9:15 AM IST.
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