At the interbank forex market, the rupee opened at 85.17, touched a low of 85.19, and then strengthened to 85.08. It closed at 85.33 on Thursday (April 24) after gaining 12 paise.
Forex traders said the Indian currency showed resilience even as most Asian peers declined. “India is showing quiet strength, supported by solid macro fundamentals and rising global interest,” said a dealer.
The Reserve Bank of India, in its latest bulletin, highlighted India’s economic stability, driven by robust domestic growth and diversified global trade ties.
Foreign investors bought Indian equities worth ₹8,250.53 crore on Thursday (April 24), adding to rupee strength.
Positive sentiment also followed US Treasury Secretary Scott Bessent’s remarks that India could be the first to sign a bilateral trade deal to bypass Trump-era tariffs.
A 26% reciprocal tariff on Indian exports is currently paused until July 8.
Brent crude rose 0.54% to $66.91 per barrel, while the dollar index climbed 0.38% to 99.75, capping further rupee gains.
“Despite strong fundamentals, the rupee may face short-term resistance near 85.60,” said Amit Pabari, MD, CR Forex Advisors. He added that the dollar-rupee pair may swing between 85.20 and 85.80.
India’s equity markets traded lower, with the Sensex down 73.22 points at 79,728.21 and the Nifty slipping 32.85 points to 24,213.85.
–With PTI and Reuters inputs
