Rupee rises 12 paise to 85.43 against U.S. dollar in early trade
The Hindu
Indian rupee strengthens against US dollar amid volatile equity market, higher crude oil prices, and upcoming RBI policy meeting.
The rupee appreciated by 12 paise to 85.43 against the U.S. dollar in early trade on Monday (June 2, 2025) on the back of a weak American currency and favourable macroeconomic data that fuelled hope of a further reduction in key interest rate in the RBI's upcoming monetary policy.
However, a volatile equity market, outflow of foreign funds and higher crude oil prices amid global trade related uncertainties weighed on the Indian currency, according to forex traders.
Analysts also said that market participants will be closely monitoring key macroeconomic announcements for further cues.
RBI's Monetary Policy Committee (MPC) will begin the deliberations on its next bi-monthly policy on June 4 and the outcome is scheduled to be announced on June 6.
Besides, PMI (Purchasing Managers' Index) data for manufacturing and services sectors is also expected to be announced this week.
At the interbank foreign exchange, the domestic unit opened at 85.55 and gained further ground to trade at 85.43 against the greenback in initial deals, registering a rise of 12 paise from its previous close.
The rupee ended 7 paise lower at 85.55 against the dollar on Friday (May 30, 2025).
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