Rupee Falls 37 Paise To Close At 85.96 Against US Dollar: What Is Year-End Target?
Last Updated:
Forex traders say surging US bond yields are rattling global investors. Moreover, the narrowing yield differential between India and US, is making Indian assets less attractive.
Rupee depreciated 37 paise to close at 85.96 (provisional) against the US dollar on Thursday, on dollar demand from importers and foreign banks as well as surge in crude oil prices.
Forex traders said surging US bond yields are rattling global investors. Moreover, the narrowing yield differential between India and the US, is making Indian assets less attractive.
Besides, elevated crude oil prices amid rising geopolitical tensions in the Middle East, further dented investor sentiments.
At the interbank foreign exchange market, the rupee opened at 85.59 then touched an intra-day high of 85.58 and a low of 86.11 against the US dollar. The domestic unit settled for the day at 85.96 (provisional), lower by 37 per cent over its previous close.
On Wednesday, the rupee settled at 85.59 against the greenback.
In the last three trading sessions, the rupee has declined 54 paise.
'The Indian rupee has ebbed for a third straight session, influenced by importers' appetite for the dollar and the unwinding of short positions after a key technical level was breached," said Dilip Parmar, Senior Research Analyst, HDFC Securities.
Parmar further added that 'a prevailing inclination towards risk aversion, alongside carry trades involving the Japanese yen, additionally exerted downward pressure on the domestic rupee".
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.25 per cent at 99.80.
Brent crude, the global oil benchmark, fell 1.45 per cent to USD 63.97 per barrel in futures trade.
'The spot USDINR rate has retraced to its 100-day simple moving average in today's session. Advancement beyond the 86.11 threshold might propel it into the 86.30 to 86.45 spectrum. Conversely, the 85.60 mark now acts as a prospective support," Parmar said.
In the domestic equity market, the 30-share BSE Sensex declined 644.64 points, or 0.79 per cent, to close at 80,951.99, while the Nifty fell 203.75 points, or 0.82 per cent, to 24,609.70.
Rupee-Dollar Exchange Rate: What Is Year-End Target?
BofA Research expects the Indian rupee to strengthen to 84 per US dollar by December 2025 from a prior forecast of 87, joining peers in turning more bullish on the currency amid improving capital inflows and trade engagement.
BofA expects the rupee to track broader weakness in the US dollar and be supported by stable domestic fundamentals, it said on Thursday, adding that the Reserve Bank of India's (RBI) pro-growth stance is likely to attract renewed equity inflows.
(With Inputs from Agencies)
First Published:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Standard
24 minutes ago
- Business Standard
Tech Wizard Saurabh Verma Is Ready To Launch Powerful AI Innovation GlideBotx
VMPL New Delhi [India], June 10: In today's world, where content creation, personal branding, influencer marketing, and marketing teams are on the rise, there is a growing need to make data-driven decisions and generate creative content. These professionals must also optimize marketing strategies, predict audience behavior, write social media captions, craft newsletters, manage AI-driven calendars, and much more. As these roles continue to expand, they need a powerful tool that can handle all of this effortlessly. This is where GlideBotx comes into play. GlideBotx is no ordinary AI tool. Once launched with the power of AI, it is going to take care of many aspects related to personal branding, customer communication, and content automation to newer heights. It is not only going to save time for the users but it will also help build more accurate, impactful and lasting engagement with the users. GlideBotx is an innovative and a revolutionary AI tool in a sense that it helps build one of the most consistent and compelling brand voice across all platforms. The tool has some of the amazing features like AI-generated emails, blogs, and captions, Data-backed content calendars, Automated sales copy & CTA, Audience behavior prediction, Personal brand tone cloning etc. This game changing AI tool has been designed in such a way that it is tremendously going to help digital coaches, content creators and business owners. GlideBotx is ready to redefine the current digital marketing and coaching models. It will introduce its innovative and fantastic features like data-driven decision-making, automated content strategy and AI-generated insights. GlideBotx brings together powerful features including AI-generated emails, blogs, and social media captions, data-driven content calendars, automated sales copy, audience behavior predictions, and personal brand tone cloning. This innovative platform enables users to automate critical workflows while building a consistent, high-impact brand presence across channels. The launch is backed by The Modernist Media Network, known for its work in empowering creators and brands with cutting-edge media solutions. GlideBotx is positioned to support India's growing digital economy by equipping entrepreneurs with the technology needed to expand their global reach. GlideBotx is not just another media venture but it is sort of a cultural movement. The Modernist Media has become a launchpad for creators, brands and thought leaders who are aiming to make global impressions through strategic content, media features and high impact storytelling. Known for his innovative ideas in the field of modern technology, Saurabh Verma is the brain behind GlideBotx which is an advanced AI tool. Saurabh Verma is a globally awarded mentor whose aim is to empower Indian entrepreneurs with scalable business models and amplify India's voice globally through media related innovation. He is also a certified business automation coach and the co-founder of The Modernist Media Network. Interestingly, since 2023 he has been able to deliver over 800 online webinars, inspiring and educating a staggering 4.9 lakh people across geographies. His programs aren't just informative but they are also known to be catalytic. Backed by over 5,000 testimonials, Saurabh's teachings have helped over 15,000 business owners achieve 10X growth within just two years, a testament to his strategic approach to automation, scalability, and mindset reprogramming.
Business Standard
24 minutes ago
- Business Standard
Aquapeya: Our Name Is Our Identity - A Journey of Resilience, Purpose, and Innovation
VMPL New Delhi [India], June 10: In today's fast-evolving business world--where startups emerge and disappear overnight--Aquapeya stands tall as a symbol of resilience, integrity, and innovation. From its humble beginnings in 2018 to becoming a recognizable name in India's beverage landscape, the story of Aquapeya is not just about building a brand--it's about standing for something bigger. Aquapeya: Our Name Is Our Identity For the founders and their team, Aquapeya is more than just a name. It's their identity, their philosophy, and their promise to consumers. Inspired by the Latin word "Aqua" (meaning water), the name reflects values of purity, transparency, and essential truth. In a crowded industry filled with flashy packaging and marketing buzzwords, Aquapeya chooses to represent clarity, honesty, and trust. "We believe water is colorless, tasteless, and truthful. Our brand stands for those very qualities--unfiltered, pure, and without pretenses," says the founder. 2018: The Seed of an Idea The vision of Aquapeya took root in 2018. With a bold tagline--"All IN"--the team set out to redefine the beverage experience in India. But this wasn't just about launching a product. It was about building a brand grounded in sustainability, community engagement, and uncompromised quality. 2019: Establishing the Foundation The next year was all about setting up strong operational structures. Aquapeya focused on building reliable supply chains and distribution networks. Partnerships began to flourish, fueled by the belief that impactful growth is a collaborative journey. The brand gained traction in niche urban spaces and started to explore regional markets with cautious optimism. 2020-2021: Rising Through Crisis When the pandemic hit, Aquapeya adapted instead of retreating. With operations paused and consumer behavior rapidly shifting, the team pivoted toward digital outreach and community engagement. "We didn't just aim to sell--we wanted to serve," recalls a team member. This human-first approach helped the brand stay relevant and build deeper emotional connections with its audience. 2022: Expanding into Carbonated Drinks With growing brand awareness, 2022 marked Aquapeya's entry into the carbonated beverage segment. But this wasn't just a typical expansion--it was a reflection of creative growth. Unlike traditional fizzy drinks, Aquapeya offered cleaner, naturally flavored alternatives with minimalist branding. These products quickly resonated with younger, health-conscious consumers looking for something fresh and fun. 2023: Launch of Fruit-Based Beverages Aquapeya continued to evolve by introducing a line of fruit-based beverages in 2023. Focused on real ingredients and transparent labeling, the new segment struck a chord with Indian households. The tagline "Thirsty Trust" emerged, capturing the brand's dual commitment to satisfaction and sincerity. 2024: The Shark Tank Breakthrough In 2024, Aquapeya reached a defining moment--appearing on Shark Tank India. Their pitch was not just about investment; it was a powerful story of perseverance and purpose. The platform catapulted the brand into national consciousness, offering mentorship, funding, and widespread visibility. Audiences connected deeply with both the product and the vision. 2025: Legal Challenges and Reinvention Every success story faces a defining test. For Aquapeya, that moment came in March 2025 when a legal notice arrived from industry giant Bisleri, claiming copyright and color scheme infringement. But the team didn't back down. "Water has no color--so why should our labels?" became Aquapeya's powerful response and a rallying cry for creative freedom. By June 2025, the brand had fully reimagined its visual identity. The new look wasn't just cosmetic--it embodied a renewed commitment to originality, honesty, and bold independence. With fresh distribution strategies in place, Aquapeya regained consumer trust and market strength. Final Thoughts: A Brand Built on Spirit Aquapeya's story is more than a business case study--it's a testament to what purpose-driven entrepreneurship can achieve. Through every challenge and triumph, one core belief has remained: "Entrepreneurship is always about never giving up." As Aquapeya charts its path forward, its mission stays strong: to be a brand that not only quenches thirst but also nourishes trust, transparency, and authenticity in every drop. Join us on this journey--because just like water, Aquapeya believes in being pure, true, and unmistakably real.
India Gazette
an hour ago
- India Gazette
Piyush Goyal invites Swiss firms to join India's USD 30 trillion economy push by 2047
Bern [Switzerland], June 10 (ANI): Union Minister of Commerce and Industry Piyush Goyal addressed Swiss industry leaders and innovators on Tuesday at the prestigious Swissmem Industry Day in Switzerland. Highlighting India's transformative growth story and vast opportunities for collaboration, Goyal extended a warm invitation to the Swiss business community to be active partners in India's journey towards becoming a USD 30-35 trillion economy by 2047, the Ministry of Commerce & Industry said in a release. Speaking at an event, Goyal said, 'I come to meet you with the aspirations of 1.4 billion Indians who dream as high as your towering Alps and who desire a better future. I come with an arm of friendship to the talented engineers, innovators, and entrepreneurs of Switzerland.' In a symbolic gesture of partnership, Goyal proposed the creation of a dedicated Swiss Enclave in India--a zone tailored for Swiss businesses--to provide comfort and a sense of home for Swiss enterprises looking to establish a base in India. As per the release, the Minister highlighted India's remarkable transformation--from a USD 270 billion economy 30 years ago to a USD 4 trillion economy today--and its ambition to grow further to USD 30-35 trillion as the nation approaches 100 years of independence. He noted India's youthful demographic with an average age of 28.4 years and emphasised that the nation will continue to remain young and vibrant for decades to come. Goyal underlined the advantages of India as a trusted, rule-of-law-based, and democratic country where Swiss businesses can operate without fear of discrimination. 'Democracy, demographic dividend, decisive leadership, and diversity make India a dependable partner,' he said. Referring to the India-EFTA Trade and Economic Partnership Agreement (TEPA), Goyal termed it a 'Trust and Efficiency Partnership'--a relationship built on mutual confidence and complementarity. He expressed optimism that this partnership would mark the beginning of a new era of cooperation between India and the four EFTA nations, opening new avenues for trade, investment, and innovation. 'I particularly invite Switzerland's SME sector to witness India's remarkable evolution over the last decade. This will give you the confidence we aspire for,' stated the Minister. He highlighted that in the past 10 years, India has added 80 new airports, including a new one in partnership with Zurich Airport. 'Our port capacity has doubled, and national highways and expressways are now comparable to those in Germany. We've also added 104 new inland waterways and doubled our power generation capacity, with solar energy capacity growing 50 times. The government's annual expenditure of over $125 billion on infrastructure creates a powerful multiplier effect for India's growth story.' India's robust education ecosystem was also highlighted. The Minister pointed out that the country produces the highest number of STEM graduates globally, 43 per cent of whom are women. 'This talent pool, combined with scale and speed, makes India an ideal investment destination,' he said. Quoting World Bank data, Goyal noted that extreme poverty in India has fallen to just 5 per cent, down by 270 million people in the last 11 years, and is expected to be eliminated in the near future. He described India's growth model as a blend of welfare and consumption-led growth, backed by investments in manufacturing and technology. 'India today stands ready and willing to welcome global partners. We are a country on the move, full of opportunities,' he said. Goyal concluded by extending a personal invitation to the Swiss business community to visit India: 'Come discover India. Come experience Incredible India. Come witness the beauty and transformation of a nation that is emerging from the shadows and claiming its rightful place in the comity of nations,' added the release. (ANI)
