Rupee rises 9 paise to 87.10 against US dollar in early trade
The Hindu
Rupee strengthens against US dollar due to global market uncertainty, easing crude oil prices, and Trump's tariff escalation.
The rupee appreciated 9 paise to 87.10 against the US dollar in early trade on Wednesday (March 5, 2025), fuelled by the broad weakening of the US dollar and easing crude oil prices.
Forex traders said U.S. President Donald Trump's tariff escalation has set off a chain reaction in global markets, sending the dollar into a downward spiral.
Rupee is expected to trade with a slight negative bias as fears of a prolonged trade war continue to grip the financial world, they said.
At the interbank foreign exchange, the rupee opened at 87.18 against the greenback, then gained some ground and touched 87.10 against the greenback, up 9 paise from its previous close.
On Tuesday, the rupee rebounded from initial losses and settled with a gain of 13 paise at 87.19 against the US dollar.
"The rupee traded in a narrow range, caught between global uncertainty driven by Trump factor. Moreover, persistent FII selling, with USD 128 million offloaded in the last session and total outflows nearing USD 12 billion this year, continues to weigh on the rupee amid ongoing geopolitical volatility," CR Forex Advisors MD Amit Pabari said.
Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent lower at 105.67.
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