Forex traders stated that 35% tariffs were placed on Canada’s goods as US President Donald Trump. Representative file image. , Photo Credit: Reuters
The rupee shut down 7 money at 85.77 (provisional) against the US dollar on Friday (July 10, 2025), which was amid trade tariff uncertainty amidst weak domestic markets and risk-to-risk feelings.
Forex traders stated that 35% tariffs were placed on Canada’s goods as US President Donald Trump.
Interbank In Forex, the rupee opened at 85.76 against the US dollar and touched the Intrade low of 85.91 during the day. The local unit eventually settled at 85.77 (provisional) for the day, which was below 7 money from its previous bandh.
On Thursday (July 10, 2025), the rupee received the initial benefit and settled for the day for 3 money for the day at 85.70 against the US dollar.
“We hope that the rupee will weaken because the business war continues to stop the feelings of global risk. Unsureability on the business tariff and a high US dollar index can also put pressure on the rupee. However, a weak tone in crude oil prices can support the rupee on the lower levels,” said Mirure Asset Sharekhan’s research analyst Anuj Chaudhary.
Chaudhary further stated that the USD-InR spot price is expected to trade within the range of 85.55 to 86.25.
Forex traders said that the rupee traded in an unstable but narrow range as the market participants remained on death, waiting for clarity on the US-India interim trade deal.
Meanwhile, Global Oil Benchmark, Brent crude, futures increased 0.34% to 68.87 per barrel.
The dollar index, which detects the strength of greenback against a basket of six currencies, increased 0.13% to 97.77.
On the domestic equity market front, Sensex dropped 689.81 points or 0.83%, settling at 82,500.47, while Nifty lost 205.40 points or 0.81%, closed at 25,149.85.
According to exchange data, foreign institutional investors (FII) bought an equity of Rs 221.06 crore on a pure basis on Thursday (July 10, 2025).
Meanwhile, India is trying to negotiate and finalize a trade agreement with the US, Rajesh Aggarwal, Special Secretary in the Department of Commerce said on Thursday (July 10, 2025).
Aggarwal is also the main negotiator of the proposed Indo-American bilateral trade agreement.
Its purpose is to end the first phase of this treaty by this year’s collapse (September-October). Earlier, the two countries want to finalize an interim trade agreement.
The team of an Indian Ministry of Commerce will soon visit Washington for another round of negotiations on the proposed trade agreement with the US, which would exclude the difference in areas such as agriculture and automobiles, a government official said on Thursday (July 10, 2025).
The official said, “We are not distinguishing between an interim or the first phase of the bilateral trade agreement. We are interacting on a full deal. Whatever will be finished, we can package it as an interim deal and for the rest, the talks will continue,” the official said.
Published – July 11, 2025 04:20 PM IST
