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The Indian Rupee extended losses for the third straight session as traders turned their attention to the US Federal Reserve Chair's speech at the Jackson Hole symposium.
The domestic currency opened 8 lower at 87.35 against the dollar on Friday, according to Bloomberg. The unit has slipped 2.15 per cent in the current financial year and 2.02 per cent in 2025 so far. In August, it fell around 0.3 per cent against the dollar.
The local unit ended lower in the previous session as importers and a large public sector bank stepped up dollar purchases, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. The currency could not break the 86.92 support, with dollar buying emerging on dips even as foreign portfolio investors bought Indian equities, Bhansali said.
Uncertainty over the August 27 deadline for an additional 25 per cent US tariff on Indian exports weighed on sentiment, Bhansali said. "Exporters are expected to sell on any rise beyond 87.50, while importers may buy on dips below 87.00."
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India said it will keep buying Russian oil despite the US's additional tariff set to take effect next week. However, New Delhi received rare support from China, which said it "firmly stands" with India on US President Donald Trump's tariffs.
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 "IndusInd Bank's shares plummeted 19 per cent on Friday – the worst fall in over four years. The crash followed a day after the bank reported a sharp 40 per cent year-on-year (Y-o-Y) fall in its Q2FY25 consolidated net profit to Rs 1,325.45 crore.")
Jerome Powell is scheduled to speak on Friday at 10 AM New York time in the central bank's annual Jackson Hole symposium.
Technically, strong support for the rupee is placed around 87.50–87.70 levels, while resistance is capped near 86.80, and a decisive break below these levels will dictate the next directional move, according to Jateen Trivedi, VP research analyst - commodity and currency at LKP Securities.
Meanwhile, the Reserve Bank of India (RBI) received bids worth ₹31,025 crore at the overnight variable rate repo (VRR) auction on Thursday against the notified amount of ₹50,000 crore.
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The dollar index, a measure of the greenback against a basket of six major currencies, was up 0.05 per cent at 98.67.
In commodities, crude oil prices headed for weekly gains amid increasing signs that peace negotiations between Russia and Ukraine were stalling. Brent crude price was down 0.12 per cent at 67.59 per barrel, while WTI crude prices were lower by 0.11 per cent at 63.45 per barrel, as of 9:02 AM IST.
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