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Rupee ends flat in H1 2025; snaps two-day gains to close at 85.76/$
The domestic currency closed 28 paise lower at 85.76 against the dollar, according to Bloomberg. The depreciation comes after the currency logged its best week since January 2023, driven mainly by a plunge in crude oil prices amid Iran-Israel conflicts.
The unit has depreciated by around 0.21 per cent in June and has fallen by 0.18 per cent in the first six months of the calendar year.
Some outflows may occur during the day due to JSW Paints' acquisition of Akzo Nobel India and HDB Financial's IPO allotment, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
Meanwhile, the dollar index traded lower as trade deals are back in focus with the July 9 deadline approaching for the US reciprocal tariffs to kick in. The US dollar index, which measures the greenback against a basket of six major currencies, was down 0.18 per cent at 97.22.
Last week, US President Donald Trump touted that a "very big" trade deal could be signed with India soon. India's negotiators have extended their stay in Washington to seal the deal before the deadline, according to a Bloomberg report.
India's current account balance recorded a surplus of $13.5 billion (1.3 per cent of GDP) in the January-March quarter of 2024-25 as compared with $4.6 billion (0.5 per cent of GDP) in the year-ago period, RBI said on Friday. The current account was in deficit of $11.3 billion (1.1 per cent of GDP) in the December quarter of 2024-25.
In commodities, oil prices extended their fall after posting their biggest weekly plunge in over two years before a likely Opec+ supply hike. Brent crude price was down 0.15 per cent at $67.67 per barrel, while WTI crude prices were higher by 0.29 per cent at 65.33, as of 3:40 PM IST.
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