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Rupee posts marginal gains despite Trump tariffs; ends higher at 87.70/$
The domestic currency ended 3 paise higher at 87.70 against the dollar on Thursday, according to Bloomberg. The local unit has depreciated 2.39 per cent so far this year.
The US had already announced a 25 per cent tariff on Indian imports, set to take effect from August 7. The additional 25 per cent duty will apply to shipments arriving after a 21-day window, from August 28 onwards. India responded by condemning the tariff hike, calling the US decision "unfair, unjustified and unreasonable."
The Indian rupee remained steady between 87.66 to 87.77 as the RBI protected one end while FPIs bought dollars at the other end, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, said. "The Indian rupee today is under pressure but remains steadied by central bank intervention and sectoral dynamics in the Indian economy."
On Wednesday, the RBI's Monetary Policy Committee (MPC) decided to keep the benchmark repo rate unchanged at 5.5 per cent. The Indian rupee got some support from the central bank as it kept the Repo rate steady, Kunal Sodhani, vice president at Shinhan Bank.
The recent volatility in the rupee is relatively modest, especially when compared to sharper fluctuations seen in major currencies like the US dollar, RBI Governor Sanjay Malhotra said at the post-monetary policy press conference.
The dollar index, the measure of the greenback against a basket of six major currencies, was down 0.05 per cent at 98.12.
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