Rupee reverses early gains even as oil prices slide; ends weaker at 87.97/$

Indian Rupee today: The domestic currency closed 15 paise lower at 87.97 against the greenback on Friday

The Indian Rupee lost ground on Friday to end lower, after a positive opening, even as crude oil prices and the dollar index were on the lower side. 

 

The domestic currency closed 15 paise lower at 87.97 against the greenback on Friday, according to Bloomberg. The currency was at its highest level in a month in morning deals and is still down 2.76 per cent so far this year. On Wednesday, the currency posted its strongest single-day gain in almost four months. 

 

The Indian rupee was expected to trade weaker after India denied reports of any commitment to former US President Donald Trump on halting Russian oil purchases, analysts said. The clarification has cast uncertainty over the anticipated trade treaty, though discussions continue.

 

 

India's foreign ministry said that it's unaware of a conversation between Trump and Indian Prime Minister Narendra Modi, hours after the US leader claimed the Indian leader had pledged to stop buying Russian oil.

 

Meanwhile, Sanjay Malhotra, RBI governor, continued to reiterate that the central bank does not target any specific level for the rupee, and the currency value is guided by market forces and macroeconomic fundamentals. 

 

“Our effort really is to ensure that there is an orderly movement of the rupee, both sides, and any undue or any abnormal volatility is curbed,” he said while speaking at the International Monetary Fund’s Governor Talks session in Washington.

 

The Dollar Index extended its fall, reflecting broad weakness in the greenback against major peers. The measure of the greenback against a basket of six major currencies was down 0.13 per cent at 98.21.

 

In commodities, crude oil prices fell to their lowest since May 2025 following a larger-than-expected increase in the US crude inventories and continuing US Shutdown. Brent crude price was lower by 1.34 per cent at 60.22 per barrel, while WTI crude prices were down 1.37 per cent at 56.67 per barrel, as of 3:40 PM IST.