Rupee falls 9 paise to close at 85.68 against U.S. dollar
Forex traders said a slight recovery in the U.S. dollar too weighed on the rupee as market players await the conclusion of India-U.S. trade deal, which is at its final stage.
At the interbank foreign exchange, the domestic unit opened at 85.59 against the greenback and touched an intra-day high of 85.57 and a low of 85.75 against the greenback during the day.
At the end of Wednesday's (July 2, 2025) trading session, the local unit was at 85.68 (provisional), down 9 paise over its previous closing price.
On Tuesday (July 1, 2025), the rupee appreciated 17 paise to close at 85.59 against the U.S. dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.14% to 96.95.
Brent crude, the global oil benchmark, went up by 0.92% to $67.73 per barrel in futures trade.
"We expect the rupee to decline on trade tariff uncertainty as the July 9 deadline is approaching. Incoming statements by US President Donald Trump regarding tariffs is keeping the markets on the hook," said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan.
Hectic negotiations between India and the U.S. entered the sixth day on Tuesday (July 1, 2025) in Washington, with the talks reaching a crucial stage and New Delhi demanding greater market access for its labour-intensive goods.
The Indian team, headed by special secretary in the Department of Commerce Rajesh Agrawal, is in Washington for negotiations on an interim trade agreement with the U.S.
The two sides are looking at finalising the talks before the July 9 deadline.
The 10-year U.S. bond yields are also off their lows. However, improved global risk sentiments amid ceasefire between Israel and Iran may support the rupee at lower levels, Mr. Choudhary said, adding, "USD-INR spot price is expected to trade in a range of 85.45 to 86.05."
In the domestic equity market, the 30-share BSE Sensex declined 287.60 points, or 0.34%, to 83,409.69, while the Nifty fell 88.40 points, or 0.035%, to 25,453.40.
Foreign institutional investors (FIIs) purchased equities worth ₹890.93 crore on a net basis on Wednesday (July 2, 2025), according to exchange data.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
13 minutes ago
- Business Standard
Max Financial's Axis Max Life reports unauthorised acces to customer data
India's Max Financial Services said on Wednesday that its unit, Axis Max Life Insurance, received communication about unauthorized access to some customer data from an anonymous sender. The company has initiated a security assessment and data log analysis, Max Financial said. "A detailed investigation is also underway in consultation with information security experts to assess the root cause of the incident and take remedial action, as necessary" the company said in a statement. Axis Max Life Insurance is a joint venture between private lender Axis Bank and Max Financial. Indian firms such as Angel One, Niva Bupa Health Insurance and Star Health and HDFC Life Insurance have reported high-profile security breaches in the past 10 months. The incidents prompted the country's insurance regulator to direct industry-wide audits of IT systems. Cyber fraud cases in India jumped more than four times in fiscal 2024, causing losses of $20 million, Reuters reported earlier this year. Internal government data as of April 2024 showed that individuals lost nearly $1.26 billion to cyber fraud at financial institutions since 2021. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
India.com
17 minutes ago
- India.com
MEA Expresses Concern Over Abduction Of Three Indian Nationals In Mali, Urges Immediate Action
The Ministry of External Affairs ( MEA) has expressed concern over the abduction of three Indian nationals working in a factory in Mali's Kayes region and has urged the Malian authorities to take immediate action to ensure their safe rescue and return. In a realeased statement on Wednesday, MEA said that the Embassy of India in Bamako is in close and constant communication with the relevant authorities of the Government of Mali, as well as the management of Diamond Cement Factory.
Time of India
18 minutes ago
- Time of India
PM in Ghana: Modi conferred with highest state honour 'The Officer of the Order of the Star of Ghana'; BJP lauds his 24 global awards
NEW DELHI: Prime Minister on Wednesday (local time) was conferred with 'The Officer of the Order of the Star of Ghana' and said that this honour is a responsibility, to keep working towards a stronger India-Ghana friendship. Tired of too many ads? go ad free now In his acceptance speech, Modi said the award was a matter of great pride and honour for him and dedicated it to the aspirations and bright future of the youth of the two countries, the historical ties between Ghana and India, and their rich cultural traditions and diversity. In a post on X, PM Modi said, "I thank the people and Government of Ghana for conferring 'The Officer of the Order of the Star of Ghana' upon me. This honour is dedicated to the bright future of our youth, their aspirations, our rich cultural diversity and the historical ties between India and Ghana." Ghana President John Mahama presented the award. "This honour is also a responsibility; to keep working towards stronger India-Ghana friendship. India will always stand with the people of Ghana and continue to contribute as a trusted friend and development partner," he added. The award was presented during PM Modi's visit to Ghana, the first by an Indian Prime Minister in more than 30 years. BJP IT cell chief Amit Malviya said that PM Modi has been conferred with 24 global awards including the countries from Palestine and Russia. "This prestigious recognition reflects not only PM Modi's global leadership but also India's rising stature on the world stage under his visionary guidance," Malviya said in a post on X. The award was conferred on the prime minister in recognition of his "distinguished statesmanship and influential global leadership," the MEA said in a press release. Thanking the people and government of Ghana for the special gesture, the prime minister noted that the "shared democratic values and traditions of the two countries would continue to nurture the partnership". He said the award "further deepens the friendship between the two countries and places new responsibility on him to embrace and advance bilateral ties."
