Rupee pares initial gains, settles 1 paisa higher at 84.53 against U.S. dollar
The Hindu
Rupee hits 7-month high at 84.53 per dollar on strong domestic data, FII inflows, but caution remains.
The rupee on Friday (May 2, 2025) hit a seven-month high and rose past the 84 per dollar level on sustained foreign fund inflows and stronger domestic data, but pared the gains and settled for the day higher by just 1 paisa at 84.53 against the greenback.
In a highly volatile trade, the rupee on Friday touched an intra-day high of 83.76— the highest levels since October 2024— but failed to sustain the momentum and ended the session on a flat note with gains of just 1 paisa.
Forex traders said goods and services tax (GST) collections for April were robust at ₹2.37 lakh crore, an all-time high, reflecting the health of domestic demand. Moreover, strong PMI data, wherein India's manufacturing sector growth hit 10-month high in April, enthused investors further.
However, caution lingers, as they noted any escalation in tensions between India and Pakistan could swiftly reverse gains and pressure the rupee, much like past geopolitical episodes.
At the interbank foreign exchange, the domestic unit opened at 83.98 and moved between the intra-day high of 83.76 and the low of 84.55 against the greenback. The unit ended the session at 84.53 (provisional), registering a gain of 1 paisa over its previous closing level.
On Wednesday (April 30, 2025), the rupee surged 42 paise to 84.54 against the U.S. dollar.
The forex market was closed on Thursday (May 1, 2025) on account of Maharashtra Day.
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