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Rupee gains for second straight week; ends day lower at 85.39/$
The domestic currency opened 7 paise lower at 85.39 against the dollar on Friday, according to Bloomberg. The unit gained for the second straight week. Asian currencies traded mixed during the session as caution loomed over the US reciprocal tariff deadline.
The unit has depreciated by around 0.21 per cent in June and has fallen by 0.18 per cent in the first six months of the calendar year.
With the US dollar cash market shut today, rupee movement will likely be driven by traders hedging their positions, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP said. While the US-India interim trade deal is said to be in its final stages, it has yet to be announced, as Trump prepares to communicate new tariff structures to individual countries, he noted.
The US and Vietnam signed a trade deal that'll levy a 20 per cent tariff on exports to America and a 40 per cent levy on goods deemed to be transshipped. On Wednesday, Trump said that the US and India will soon finalise a trade deal with 'much lower tariffs'.
Meanwhile, the dollar index remained firm following strong US jobs data. The country added 1,47,000 jobs, more than forecast, and the unemployment rate unexpectedly ticked down to 4.1 per cent. A stronger-than-expected US non-farm payroll (NFP) report has dampened the likelihood of a Federal Reserve rate cut in July 2025, pushing the US dollar higher, Bhansali said.
The dollar index, the measure of the greenback against a basket of six major currencies, was down 0.26 per cent at 96.93. The index has fallen 10.86 per cent so far this year.
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