The Indian rupee closed flat at 86.89 against the US dollar on Thursday, mirroring its closing value from the previous day.
The local currency had opened stronger, appreciating by 9 paise to start at 86.80, but ultimately ended the day unchanged, according to Bloomberg data.
The rupee's movement is also influenced by ongoing talks between Prime Minister Narendra Modi and US President Donald Trump on trade tariffs.
Additionally, Brent oil prices fell to $74.53 per barrel due to potential developments in the Ukraine deal and hawkish comments from the Federal Reserve. Rising US stockpiles also contributed to the price drop. Federal Reserve Chair Jerome Powell indicated no rush to cut rates after a 100 basis points rate cut last year, adding to the macroeconomic pressures.
The rupee's direction in the coming days will depend on the outcomes of the Modi-Trump talks and the RBI's interventions in the currency market. Investors will be closely monitoring these developments to gauge the future trajectory of the rupee against the US dollar.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
