Rupee gains 16 paise to settle at 85.29 against U.S. dollar

Rupee strengthens against the U.S. dollar amid falling crude oil prices and slowing U.S. business activity.

After a two-day pause, the rupee gained 16 paise to 85.29 (provisional) against the U.S. dollar on Thursday (April 24, 2025), on weak greenback and overnight decline in crude oil prices.

Forex traders said the rupee strengthened on the weak U.S. dollar and overnight decline in crude oil prices amid slowing U.S. business activity. The U.S. Treasury yields also declined with the 10-year yield falling 3 basis points to 4.35%.

At the interbank foreign exchange, the domestic unit opened at 85.60 and moved between the intra-day high of 85.25 and the low of 85.67 against the greenback. The unit ended the session at 85.29 (provisional), registering a gain of 16 paise over its previous closing level.

On Wednesday, the rupee depreciated 26 paise and settled for the day at 85.45 against the U.S. dollar.

"We expect the rupee to trade with a positive bias as weakness in the U.S. dollar is likely to remain intact amid trade tariff uncertainties. However, risk-on sentiments in the global markets and FII inflows may support the rupee at lower levels.

"Traders may take cues from weekly unemployment claims, durable goods orders and existing home sales data from the U.S. USDINR spot price is expected to trade in a range of 85 to 85.70," Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.51% at 99.33.