Representative image | Photo Credit: Reuters
The rupee appreciated 17 money against the US dollar on Monday (May 19, 2025), on the US dollar at 85.40 (provisional), on a weak US dollar index and crude oil prices declined.
Forex traders said that global investors were also alert as a downgrade US investment grade rating of global rating agency Moody, declining the dollar index.
In the interbank Forex, the domestic unit opened at 85.43 and went between the Intra-Day high of 85.35 and the lower level of 85.61 against Greenback. The unit finished the session at 85.40 (provisional), registering a benefit of 17 money at its previous closing level.
On Friday (May 16, 2025), the rupee crossed its profit and reduced by 3 money at 85.57 against the dollar.
Mirae Asset Choudhary – Research Analyst Mirae Asset Choudhary – Research analyst said, “We hope that the US dollar will trade with a positive bias between frequent weakness in the index and a weak tone in global crude oil prices.”
“USD-inr spot price is expected to trade within the range of 85.10 to 85.65,” he said.
Meanwhile, the dollar index, which detects the strength of greenback against a basket of six currencies, was trading less than 0.86% at 100.22.
The US dollar weakened AA1 as Moody’s downgrade US credit rating from AAA. The US economic data released on Friday also disappointed the markets, Mr. Chaudhary said.
Global Oil Benchmark Brent crude fell 0.78% to $ 64.90 per barrel in futures trade.
The traders further stated that one of the world’s largest oil importers with Brent, $ 65 per barrel around India, with India, faces a dual challenge of a wide trade deficit and increases the demand for dollars – factors that can put the rupee in more stress.
In the domestic equity market, the 30-cheer BSE Sensx declined by 271.17 points or 0.33%, closed at 82,059.42, while the Nifty fell 75.35 points or 0.30% to 24,944.45.
According to exchange data, foreign institutional investors (FII) bought a price of 8,831.05 crores on a net basis on Friday (May 16, 2025).
The RBI said on Friday (May 16, 2025) that India’s foreign exchange reserves increased by $ 4.553 billion during the week ended on 9 May from $ 690.617 billion to $ 690.617 billion.
In the preceding week, the overall reserves fell by $ 2.065 billion, which was $ 686.064 billion. Foreign exchange reserves touched an all -time high of $ 704.885 billion at the end of September 2024.
Published – May 19, 2025 04:27 pm IST
