Rupee falls 13 paise to 85.55 against US dollar in early trade
The Hindu
Forex traders concerned over U.S. 10-year yield surge, Dollar Index falls, rupee weakens against dollar, market volatility expected.
The rupee depreciated 13 paise to 85.55 against the American currency in early trade on Tuesday (May 20, 2025) tracking a muted trend in domestic equities and foreign fund outflows.
Forex traders said the recent surge in the U.S. 10-year yield reflects mounting concerns over fiscal and monetary policies, driving borrowing costs higher and this has pushed the Dollar Index lower.
Moreover, U.S. Treasury Secretary Scott Bessent recently warned of potential sharp tariff increases on key U.S. trading partners. Such a move could rattle markets, traders said.
At the interbank foreign exchange, the domestic unit opened at 85.47 and fell to 85.55 against the greenback, registering a loss of 13 paise over its previous close.
On Monday, the rupee appreciated 15 paise to settle at 85.42 against the U.S. dollar.
The Indian rupee opened a tad weaker and will remain in a range of 85.25/75 for the day as there is no fresh market indicator for it to change course, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
"With U.S. yields falling there could be some buying in USD to take the pair higher," Bhansali said, adding that the rupee is in a consolidating mode.
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