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The rupee appreciated by 22 paise during the intraday trade on Tuesday, tracking the fall in dollar index and crude oil prices, according to dealers.
The currency gave up some gains by the end of the trade to settle at 85.70 per dollar, against the previous close of 85.86 per dollar.
Foreign inflows in domestic equities further aided the rupee, dealers said. “There were inflows in equities and there is optimism of the trade deal with the United States,” a dealer at a state-owned bank said.
The dollar index fell by 0.18 per cent to 97.30 on Tuesday. The index measures the strength of the greenback against a basket of six major currencies. Additionally, Brent crude oil prices fell to $68.78 per barrel, against the previous day’s $69.38 per dollar.
The market reaction to US President Donald Trump’s tariff letters was subdued, with most regional equities and currencies climbing on Tuesday. Global markets largely ignored the announcement of higher US tariffs for 14 trading partners effective from August 1, as investors interpreted the move as part of ongoing negotiations rather than an immediate escalation.
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“The market did not take it as an immediate threat; rather, they looked at the extension and negotiations are expected,” a market participant said.
Market participants said the mini trade deal between the US and India might lead to further strengthening of the rupee to 85 per dollar.
The rupee has depreciated by 0.27 per cent against the greenback in the current financial year, and has witnessed 0.1 per cent depreciation in the current calendar year.
“Indian rupee range bound between 85.63 per dollar to 85.81 per dollar with chances of a US-India being concluded today keeping rupee on an upward trend. We expect the rupee to remain in the range of 85.30 per dollar to 86.00 per dollar tomorrow (Wednesday) with expectations of some positive developments tonight,” Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, said.
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