Rupee falls 23 paise to 85.73 against U.S. dollar in early trade

Rupee weakens against dollar due to rising crude prices and reciprocal tariffs, impacting forex markets and investors.

The rupee depreciated 23 paise to 85.73 against the U.S. dollar in early trade on Wednesday (April 2, 2025), weighed down by rising crude prices and escalating concerns over reciprocal tariffs.

Forex traders said the Indian rupee opened on a weak note on Wednesday, the first trading session of the fiscal year 2025-26, over Mr. Trump's reciprocal tariffs concerns with investors watching out for how it will affect the country.

At the interbank foreign exchange, the rupee opened at 85.65 against the greenback, then lost ground and touched 85.73, down 23 paise from its previous close.

On Friday, the rupee appreciated 24 paise to close at 85.50 against the U.S. dollar.

This is the first trading session of the financial year 2025-26. On April 1, the currency and bond markets were closed for the annual account closing of banks.

On March 31, stock, money, commodity and derivative markets will remain closed on account of Eid-Ul-Fitr.

In the financial year 2024-25, the rupee has depreciated more than 2%. On April 2, 2024, it was quoted at 83.42 against the U.S. dollar.