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The local currency opened at 87.4688 against the US dollar, as compared to 87.5788 at previous close against the greenback
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Uncertainty about US trade tariffs and persistent portfolio outflows have hurt the rupee over the last two months and made it the worst performing Asian currency in 2025
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The RBI's actions in the market since Governor Sanjay Malhotra's surprise appointment in December suggest the central bank is moving away from its previous policy of burning through foreign exchange reserves to stem the rupee's unabated decline.
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Japan's currency was also supported by rising expectations for further Bank of Japan interest-rate hikes with a central bank official advocating continued rate hikes, a day after strong wage data.
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Asian equities trimmed their gains after Chinese shares opened lower as caution prevailed among investors with trade tensions rising between the world’s two largest economies.
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After Trump's tariff comments, US 10-year yield rose by two basis points to 4.54%. Crude prices jumped with WTI crude above $74 per barrel, while gold prices crossed $2,800 / oz for the first time on rush for safe haven buying.
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The survey added that one of the primary factors behind Rupee's depreciation in 2024 has been the broad-based strengthening of dollar, at a time of geopolitical tensions in the Middle East and uncertainty around the US election.
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The Economic Survey for 2024-25 will be tabled before both the Houses of Parliament on January 31, the first day of the Budget Session, presenting the Finance Ministry's view on the state of the economy.
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The Mexican peso and Canadian dollar were on guard ahead of a looming Feb. 1 deadline which U.S. President Donald Trump has said would be the date he imposes 25% tariffs on imports from the two countries.
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The 1-month non-deliverable forward indicated that the rupee will open at 86.64-86.65 to the U.S. dollar compared with 86.6250 in the previous session and flirting with the record low of 86.6475 hit about two weeks back.
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InterGlobe Aviation saw its foreign-exchange losses jump threefold to Rs 1,460 crore in the December quarter. Carmaker Maruti Suzuki also cited currency variations as a negative for margins.
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The US Federal Reserve kept interest rates unchanged at 4.25 percent-4.5 percent in its latest policy decision.
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The local currency at 86.5775 against the US dollar, as compared to 86.5313 ay close in the previous trading session at close on the previous trading session.
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The RBI has been selling dollars through the past year to support the sliding rupee
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Emerging currencies are rebounding after suffering their worst quarterly drop since September 2022 in the final months of 2024 as traders priced expectations of a widespread trade war and a more hawkish Federal Reserve amid inflationary pressure in the US.
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The dollar index rose 0.1% to 108.289 while Asian currencies were mostly weaker, with the Malaysian ringgit down 0.4% and leading losses
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Indian stocks have lost almost $500 billion in market value in the past month, with MSCI Inc.’s index for the nation marking the worst start to a year since 2016. The rupee has fallen to successive record lows against the US dollar, the worst performance in Asia.
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The likely bonanza comes at a crucial time as the government is trying to revive an economy weighed down by weak consumption, anemic private sector investments and moderating tax revenues.
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A wider tariff imposition by Trump 2.0 would dent the corporate confidence much more than the base case, said Morgan Stanley. Chetan Ahya underscored that the Morgan Stanley's forecast could be at risk if Trump announces across-the-board tariffs.
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The currency declined to an all-time low of 86.6475 earlier in the week but frequent interventions by RBI helped prevent sharper losses, traders said
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Higher crude oil prices and volatile global trends failed to prevent the withdrawal of foreign funds from domestic equities, capping a significant recovery in the Indian currency, forex traders said.
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The reshuffle comes after the central bank’s senior most deputy governor and in-charge of the monetary policy Michael Debabrata Patra’s tenure ended on Tuesday.
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Malhotra, who took office in December, has held multiple meetings with departments at the central bank ahead of his first monetary policy meeting in February
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The fall of 58 paise, or 0.67 per cent, in one session was the steepest since February 6, 2023 when the unit had lost 68 paise
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A bigger depreciation of around 10%, taking the rupee to 95 is “not out of the question,” analysts Udith Sikand and Tom Miller wrote in a note.
