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Rupee gains for 3rd straight session, settles below 84 against US dollar
The Morning Standard
|May 03, 2025
THE rupee has extended its rally for the third straight session on Friday, wiping out all losses since Donald Trump's win as the president of the US last November.
Analysts say the currency will see significant gain against the greenback, going forward. The rupee rallied nearly 1% intra-day and breached the psychologically 84 level and it settled at 83.5568 against the dollar. Such strength was last seen in June 2024. This comes within two months after the rupee had plunged to a historic low of 87.95 on February 10.
Currency traders cited strong dollar inflows into the equities and also into debt coupled with short-covering amid rising hopes of a US-India trade deal as the main driver of the rupee gains. The rupee has risen nearly 2% this week on the back of a 2.3% rally in March.
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