Indian rupee declines in NDF market following strikes against Pakistan
The 1-month NDF indicated that the rupee is likely to trade at 84.64-84.68 when onshore spot market opens, down from 84.4325 on Tuesday.
India attacked Pakistan and Pakistani Kashmir on Wednesday with at least eight deaths reported, while Pakistan called the assault a "blatant act of war".
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India said it struck nine Pakistani sites on Wednesday that were "terrorist infrastructure". The strikes by India came on the back of a deadly attack on its side of Kashmir last month.
(Reporting by Nimesh Vora; Editing by Rashmi Aich)
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President Trump's return to office has marked a fundamental departure from conventional foreign policy approaches that have dominated Washington for decades. His first six months demonstrate how unorthodox methods — transactional negotiations, direct pressure and strategic leverage — can achieve breakthroughs that traditional diplomatic playbooks consistently failed to deliver. The results challenge long-held assumptions about international relations. Where successive administrations have relied on multilateral consensus-building and careful diplomatic protocol, Trump has moved decisively to address longstanding challenges through direct engagement and clear incentives. The outcomes speak for themselves: concrete achievements that decades of conventional wisdom could not produce. The June NATO summit in Brussels exemplifies this transformation. 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Perhaps nowhere is Trump's departure from conventional wisdom more evident than in Iran policy. His coordination with Israel on strikes against Iranian nuclear facilities in July set back Tehran's nuclear program by up to two years according to Pentagon officials cited by Reuters — a more concrete achievement than decades of sanctions and diplomatic engagement that was slow-walking Tehran to having a nuclear bomb. This wasn't reckless escalation — it was calculated deterrence after years of failed accommodation strategies that spanned multiple administrations. Iran's subsequent diplomatic overtures to European partners suggest the strikes achieved their intended effect. Where traditional approaches allowed Iran's regional influence to grow unchecked, Trump's decisive action has forced Tehran to recalculate its strategic position. The success challenges the foreign policy establishment's preference for extended diplomatic processes over direct action. Sometimes, as Trump demonstrates, credible threats require credible follow-through. Immigration policy demonstrates another area where Trump's approach has succeeded. New agreements with Mexico and Central American nations include enhanced enforcement provisions and expanded return protocols, contributing to a more than 90 percent reduction in detected border crossings in May compared to the previous year, according to Department of Homeland Security data. The key difference lies in leverage. Trump used trade access and visa negotiations to secure these commitments, demonstrating that America's economic power can be an effective diplomatic tool. Mexico agreed to deploy additional forces along its southern border in exchange for streamlined trade procedures — a classic win-win arrangement that Biden's team never successfully negotiated. This success highlights a broader truth about international relations: Countries respond to clear incentives and consequences. When America articulates its interests clearly and backs them with appropriate leverage, even reluctant partners find ways to cooperate. Trump's approach to Africa represents a fundamental departure from the aid-focused diplomacy that characterized previous administrations. Rather than continental tours filled with promises of development assistance, Trump has hosted five African leaders at the White House in recent months, emphasizing trade and investment opportunities. This shift addresses a critical gap in American foreign policy. While recent presidents maintained traditional approaches that often created dependency relationships, Trump is building partnerships based on mutual economic interest. Early agreements with Liberia and Senegal focus on critical mineral extraction and energy partnerships — arrangements that benefit both American businesses and African development. The message is clear: America seeks partners, not dependents. By reframing relationships around mutual economic interest rather than charity, Trump is building more sustainable and dignified partnerships. Perhaps most surprisingly, Trump's tough approach has yielded diplomatic breakthroughs that eluded his predecessor. In late June, he hosted talks between Rwanda and the Democratic Republic of Congo that produced a cease-fire agreement including troop withdrawals and commitments to joint economic development. The success came from Trump's willingness to use America's full diplomatic and economic weight — not to lecture, but to incentivize. This contrasts sharply with Biden's reactive approach to international crises, which often left the U.S. struggling to respond effectively to fast-moving global events. As we assess these first six months, the question isn't whether Trump's methods conform to diplomatic norms — it's whether they work. The evidence suggests they do. In a world where traditional institutions struggle to address complex challenges, Trump's transactional approach offers a compelling alternative. His first six months suggest that sometimes bold action succeeds where diplomatic convention fails. Kurt Davis Jr. is a Millennium Fellow at the Atlantic Council and a member of the Council on Foreign Relations. He is also an advisor to private, public, and state-owned companies and their boards as well as creditors across the globe on a range of transactions.
