The Indian rupee closed 39 paise stronger at 85.70 against the US dollar on Thursday in comparison to its previous close of Rs 86.09 on Wednesday. The currency's decline comes amid ongoing market uncertainty and geopolitical tensions.
The Indian rupee opened 17 paise stronger against the US dollar on Thursday, trading at Rs 85.92. However, it further strengthened by 43 paise to 85.66 against the US dollar. This is the highest level since June 12.
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"The Indian Rupee appreciated against the U.S. dollar on Thursday morning trade aided by gains in regional currencies as worries about the Federal Reserve's independence weighed on the dollar," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
Rupee "maintains a bullish tone above the 20-SMA and 85.83 support, with upside potential toward 86.50 and 86.70 if the current consolidation breaks higher; however, a sustained move below 85.36 would weaken the trend and open downside targets at 84.75 and 83.76," said Ritesh Bhanshali, director, Mecklai Financial Service Ltd.
Additionally, the US dollar index fell to an over three-year low around 97.5, pressured by easing geopolitical tensions, rising expectations of Fed rate cuts, and growing fiscal uncertainty.
Oil rose higher on Thursday after US President Donald Trump said that his maximum pressure campaign on Iranian oil will continue but fell later. Additionally, a report by the US government has shown a sharp decline in the American crude stockpile.
While Brent crude was up 0.10% in the morning, it declined to 0.28%; West Texas Intermediate crude oil also rose 0.25% but declined later in the day.
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