The Indian rupee opened Friday's session on a softer note, slipping by six paise to trade at 86.13 against the US dollar. This marks a slight depreciation from Thursday's closing level of 86.07, reflecting cautious sentiment in currency markets as global cues remain mixed.
The dollar itself showed signs of weakness, retreating 0.2% after comments from Federal Reserve Governor Christopher Waller hinted at a more dovish stance on future rate cuts. His remarks triggered a mild sell-off in the greenback, which lost ground against several major currencies.
The Bloomberg Dollar Spot Index dipped 0.1%, while the euro gained 0.3% to trade at $1.1630. The Japanese yen and offshore yuan remained largely unchanged.
Market strategists suggest that the dollar could face further downside if investor confidence in US fiscal policy continues to waver, as per a Bloomberg report. Carol Kong of Commonwealth Bank of Australia noted that uncertainty around US policymaking may erode appetite for dollar-denominated assets, the report added
Meanwhile, a delegation from India's commerce ministry concluded a four-day round of trade negotiations in Washington, aimed at finalising a bilateral agreement with the US. President Donald Trump indicated that the deal could mirror the recent pact signed with Indonesia.
On the commodities front, Brent crude edged up 0.14% to $69.62 a barrel, while WTI hovered near $67.63.
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