Rupee jumps 40 paise in early trade
The Hindu
Rupee strengthens against US dollar on weak American currency, positive equity markets, and RBI dividend announcement.
The rupee appreciated sharply by 40 paise to 85.05 against the US dollar in early trade on Monday (May 26, 2025) on the back of a weak American currency index and positive domestic equity markets.
Inflow of foreign funds and the RBI's announcement of giving a record dividend to the government for FY25 also added strength to the local currency, forex traders said.
Besides, market participants will await the release of industrial and manufacturing production data for April as well as the Q1 GDP growth numbers, scheduled this week, that are likely to offer deeper insights into the country's economic activity, according to analysts.
At the interbank foreign exchange, the domestic unit opened at 85.02 and strengthened further to 84.98 before trading at 85.05 against the greenback in initial deals, registering a sharp gain of 40 paise over its previous close.
On Friday, the rupee jumped 50 paise to close at 85.45 against the US dollar.
The steady gain in domestic unit was attributed to the global trend of selling dollar and rising yields of American long-term bonds amid global trade-related uncertainties.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.34 per cent at 98.67.
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