The rupee ended nearly unchanged against the US dollar on Thursday, rising just 1 paisa to settle at 85.52, as weakness in the greenback against major currencies offset pressure from a sharp decline in domestic equities and a rise in crude oil prices.At the interbank foreign exchange market, the rupee opened at 85.43 and moved within a narrow range of 85.43 to 85.65 before closing at 85.52, compared to its previous close of 85.53 on Wednesday, reported PTI.Traders said the local unit found some support from global cues after the US dollar weakened following softer inflation data and signs of a potentially more accommodative trade stance by the US president.“The dollar fell on Thursday on further signs that the US president may adopt a softer stance in tariff negotiations and heightened expectations of Federal Reserve rate cuts after a softer CPI inflation data yesterday (Wednesday). Trump also said he is willing to extend the July 9 deadline for completing trade talks with countries before higher US tariffs are imposed,” said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.The dollar index, which measures the US currency’s strength against a basket of six major currencies, was down 0.43 per cent at 99.20.Meanwhile, a steep fall in domestic equities added downside pressure on the rupee. The benchmark BSE Sensex declined 823.16 points to close at 81,691.98, while the broader NSE Nifty dropped 253.20 points to end at 24,888.20.Crude prices also edged higher during the session, with Brent crude, the global benchmark, trading at $66.81 per barrel, down 0.09 per cent in futures trade.On the foreign investment front, data showed that foreign institutional investors (FIIs) offloaded equities worth Rs 3,831.42 crore on a net basis during Thursday’s session.Adding to the sombre tone of the day, a London-bound Air India flight carrying 242 passengers and crew crashed into a residential area shortly after taking off from Ahmedabad airport on Thursday afternoon. Many fatalities were feared in the incident.
Trending
- Markets watch: Asian stocks slip; oil steady ahead of OPEC+ meet
- Top stocks to buy today: Stock recommendations for July 2, 2025 – check list
- Government allows cab aggregators to hike peak-hour surge prices
- Air India Boeing 787 crash: What brought down AI 171 plane in Ahmedabad? Simulation puts focus on technical failure
- IndiGo direct flights to UK: Airline makes long-haul debut on Mumbai–Manchester route; check schedule
- IPO watch: Hero Motors refiles IPO papers with Rs 1,200 crore issue, ups fresh component to Rs 800 crore
- Who is Kesavan Ramachandran? RBI elevates internal veteran to executive director, to oversee prudential regulation
- India-US trade deal: Talks enter sixth day as Donald Trump’s tariff deadline looms; top things India is pushing for amidst hectic negotiations
- Infosys vs Cognizant fight gets uglier! Why are the two big IT firms battling it out in the US? Explained
- Layoff wave spreads across US: Starbucks, FedEx, Frito-Lay, Microsoft may axe jobs in July – here’s what’s going wrong