Rupee gives up gains, settles 4 paise lower at 86.16 against U.S. dollar
However, a weak greenback against major currencies prevented a sharp depreciation in the local unit, forex traders said.
At the interbank foreign exchange, the rupee opened higher against the U.S. dollar at 85.99 and moved in the range of 85.97-86.23 before closing at 86.16 (provisional), down 4 paise from its previous close.
The rupee declined 20 paise to settle at 86.12 against the U.S. dollar on Thursday (July 17, 2025).
Foreign investors turned sellers while "dollar buyers bought heavily to take rupee lower before we saw the Reserve Bank of India stepping in to control the pace of the fall", said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
'We expect the rupee to remain in the weakening mode till the deal with the U.S. is finalised and if it is not done, then we could see the rupee travel to 87 levels. For Monday, we expect the rupee to trade in the range of 85.90-86.40,' he said.
Negotiations between India and the U.S. are underway to iron out pending issues for a trade deal, the Ministry of External Affairs said on Thursday (July 17, 2025). The comments came a day after U.S. President Donald Trump said Washington is 'very close' to the trade pact with India.
Brent crude, the global oil benchmark, rose sharply by 1.17% to $70.33 per barrel in futures trade.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.36% to 98.38.
In the domestic equity markets, the Sensex declined 501.51 points to settle at 81,757.73, while the Nifty dropped 143.05 points to close at 24,968.40.
Foreign institutional investors (FIIs) sold equities worth ₹3,694.31 crore on a net basis on Thursday (July 17, 2025), according to exchange data.
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