The Indian Rupee closed stronger on Wednesday as the continued fall in crude oil prices offered relief, amid the escalating trade war set off by US President Donald Trump.
The Rupee strengthened by 31 paise to close at 86.96 against the US Dollar, according to Bloomberg. The domestic currency closed at 87.27 against the greenback on Tuesday.
Consistent outflows by global funds in domestic equities is also putting pressure on the currency. In 2025 so far, they have net sold equities worth Rs 1.29 lakh crore, NSDL data showed.
On the domestic front, the rupee traded in a narrow range caught between global uncertainty, driven by the Trump factor, according to Amit Pabari, managing director of CR Forex Advisors.
However, falling crude oil prices — trading at a three-month low — provided some respite for the Indian currency, Pabari said. The Brent crude was down 0.76% at $70.50 a barrel as of 3:35 p.m. IST, and the West Texas Intermediate was down 1.26% at $67.40.
Stocks in the Asia Pacific region ended mixed in early trade on Wednesday on the tariff relief signal, after President Donald Trump sparked a global selloff.
Canada and China responded to Trump with retaliatory measures after the US decided to proceed with levies against Canada and Mexico on Tuesday. Meanwhile, China's commerce ministry "strongly" opposed the tariff measures and "hoped" that the US would handle issues objectively and rationally.
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