The rupee weakens against the dollar as Donald Trump softens the stance, which promotes American indices and dollar index, while oil prices rise. File | Photo Credit: Hindu
The soft trend of US President Donald Trump – especially against the Federal Reserve and against China, on Wednesday (April 23, 2025), in the initial trade on the US dollar in the initial trade, the rupee ranged from 85.34 to 85.34 against the US $ 85.34.
Forex traders stated that the market was supported after Mr. Trump on Tuesday (April 22, 2025), who got away from threats to fed Chair Jerome Powell after criticizing them for not cutting rates. Mr. Trump also indicated the possibility of low tariff against China.
The dollar index rose to 99.28, while the US 10 -year bond yield was slightly less than 4.34%. All three American indices increased by more than 2.5% as a result of Mr. Trump’s soft trend.
In the interbank foreign currency, the domestic unit opened at 85.24 and then in the early deals to 85.34 against Greenback, recorded a loss of 15 money at its previous closing level.
On Tuesday (April 22, 2025), the rupee decreased by 4 money at 85.19 against the US dollar.
Meanwhile, the dollar index, which detects the strength of greenback against a basket of six currencies, was trading more than 0.37% at 99.28.
The dollar index rose after Mr. Trump, as he had no intention of firing Pavel, but he would like to see him more active in terms of his views, “Anil Kumar Bhansali, Treasury’s Chief and Executive Director Finerex Treasury Advisors LLP.
Global Oil Benchmark, Brent crude, futures trading increased by 0.83% to $ 68 per barrel, which expanded the early day’s benefits as investors weighed a fresh round of sanctions against Iran and a decline in US crude stocks, while a soft tone by Mr. Trump on Federal Reserve helped fix markets.
CR Forex Advisors MD-Amit Pabri said, “With dollar rebounds and domestic demand, the USD-inner pair expects to trade in a limit between 85.00-85.40 levels.”
In the domestic equity market, the 30-cheer BSE Sensx increased to 418.53 points, or 0.53%, 80,014.12, while the Nifty upgraded 113.95 points, or 0.47%, 24,281.20.
According to exchange data, foreign institutional investors (FII) bought equity worth Rs 1,290.43 crore on a pure basis on Tuesday (April 22, 2025).
Published – April 23, 2025 10:39 AM IST
