Rupee rises 31 paise to 85.05 against U.S. dollar in early trade
The Hindu
Rupee strengthens against dollar on positive macroeconomic data, but faces pressure from rising crude oil prices.
The rupee appreciated 31 paise to 85.05 against the U.S. dollar in early trade on Wednesday (May 14, 2025), supported by gains in domestic equities and positive macroeconomic data.
Forex traders said a surge in global crude oil prices may weigh on the rupee. Over the last few sessions, Brent crude prices have surged to near $66 per barrel, which could widen India's trade deficit.
Moreover, foreign fund outflows also contained the appreciation of the domestic unit to some extent.
At the interbank foreign exchange, the domestic unit opened at 85.05 against the greenback, registering a gain of 31 paise over its previous close.
In initial trade, the local unit also touched 85.23 against the greenback.
On Tuesday (May 13, 2025), the rupee reversed early gains to settle flat at 85.36 against the U.S. dollar.
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