The Indian rupee appreciated by 46 paise against the US dollar on Friday as fears over the damage due to US President Donald Trump’s tariff policy bruised the US currency. A decline in oil prices also lent support.
The local unit opened at 85.75 against the greenback and then went to 84.98, the highest level since Dec. 20.
In the previous session, the rupee closed stronger after erasing early losses triggered by fresh tariffs imposed by Trump.
The USDINR pair is expected to move downwards, with 84.90-85.00 acting as a strong support, while 85.60 will act as a strong resistance, according to Amit Pabari, managing director at CR Forex Advisors.
The dollar weakened against major currencies amid fears of inflation and recession hitting the world’s largest economy due to Trump tariffs. The dollar index fell 0.3% to 101.8, the lowest since mid-October.
The Japanese Yen continued to strengthen with a gain of 0.9% against the dollar. The Swiss Franc, another traditional safe haven, appreciated 0.48%. While the euro rose, the British pound declined.
Crude oil prices extended their decline, with the international benchmark Brent losing 0.8% to trade below $70 per barrel. Prices crashed over 7% on Thursday, amid fears over global demand as tariffs will likely slow growth in major consumers like the US, China and Japan.
. Read more on Economy & Finance by NDTV Profit.The USDINR pair is expected to move downwards, with 84.90-85.00 acting as a strong support, according to an analyst. Read MoreEconomy & Finance, Markets, Business, Notifications
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