Rupee opens flat at 86 against the dollar as crude trades low

Indian rupee

The rupee opened flat on June 25, holding the previous day’s gains, with the Brent crude stay lowering as the US-mediated ceasefire between Israel and Iran seemed to be holding up .

The currency opened at 86 against the dollar, a day after it made its biggest single-day gain in a month. On June 24, the rupee closed 77 paise up at 85.98 as crude prices fell sharply following the ceasefire.

After opening flat, the rupee was trading traded at 85.97 against the dollar.

The dollar index, which measures the greenback's strength against a basket of six major currencies, was trading at 97.910 after the previous day’s close at 97.85.

The slight upward movement came after Federal Reserve chair Jerome Powell told lawmakers that the central bank was in no rush to lower interest rates, as officials await clarity on the economic impact of President Donald Trump’s tariffs.

“The effects of tariffs will depend, among other things, on their ultimate level,” Powell said in remarks before a congressional panel on June 24. “For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”