Rupee gains against US dollar amid rising India-Pak tensions

The local currency opened at 84.6387 against the US, as compared to 84.5912 against the greenback at previous close.

Indian rupee open 20 paise up on May 8at 84.6387 against the US dollar as there was no major news from border even though tensions continue to build, currency experts said.

The local currency opened at 84.6387 against the US, as compared to 84.5912 against the greenback at previous close.

On May 7, Indian rupee depreciated around 20 paise driven by sharp rise in geopolitical tensions.

In response to the Pahalgam terror attack, Indian forces executed 24 precision strikes across terror sites in Pakistan and PoK under Operation Sindoor.

Further, currency experts said the trades will also take cues after the US Federal Reserve kept rates unchanged.

The Federal Reserve held interest rates steady at 4.25 percent to 4.5 percent. The central bank also sounded concerns over economic uncertainties.

"The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated," said the Federal Reserve, in a statement.

"The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen," the statement further added.

In a press conference following the decision, the Fed Chair said, "The risk of higher inflation and higher inflation have risen."