Rupee rises 22 paise to close at 86.22 against U.S. dollar

Rupee strengthens against U.S. dollar as dollar index weakens, crude oil prices fall, and foreign fund outflows persist.

The rupee appreciated 22 paise to close at 86.22 (provisional) against the U.S. dollar on Friday (January 24, 2025), as a decline in the U.S. dollar index supported investor sentiments.

Forex traders said weak crude oil prices also supported the local unit, while sustained foreign fund outflows weighed on the local unit.

Traders further noted that the upcoming Union Budget will play a crucial role in shaping market sentiment and the rupee’s trajectory.

At the interbank foreign exchange, the rupee opened on a strong note at 86.31 against the greenback. During the day, the local unit touched an intraday high of 86.16 and a low of 86.36.

It finally closed at 86.22 (provisional), rising 22 paise against the U.S. dollar from previous close.

On Thursday (January 23, 2025), the rupee declined 9 paise to settle at 86.44 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading down 0.56% to 107.44.