Currency watch: Rupee climbs 16 paise to 87.47 against US dollar, crude slide and Fed cut hopes lift sentiment
At the interbank foreign exchange, the domestic unit opened at 87.63 and moved between an intraday low of 87.72 and a high of 87.38 before settling at 87.47, up 16 paise from the previous close. On Tuesday, the rupee had risen 12 paise to end at 87.63, PTI reported.
"The rupee experienced its biggest one-day appreciation since July 3, driven by a decline in the US dollar. The dollar weakened amid expectations of a September interest rate cut from the Federal Reserve, following a decline in US inflation," said Dilip Parmar, Research Analyst, HDFC Securities.
Parmar added that gains in Indian equities and other Asian currencies, a fall in crude oil prices, and cooling domestic Consumer Price Index (CPI) inflation further bolstered the rupee. Brent crude futures fell 0.54% to $65.76 per barrel. The dollar index, which measures the greenback against six major currencies, slipped 0.44% to 97.66.
Anuj Chaudhary, Research Analyst at Commodities and Currencies, Mirae Asset Sharekhan, said, "The rupee rose sharply on cooling inflation and strength in the domestic markets.
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India's CPI inflation cooled off to 1.55% in July 2025 vs the forecast of 1.76% and 2.1% in June. The US Dollar too fell as CPI data was in line with estimates, raising odds of a rate cut by the Fed in September."
Retail inflation slowed to an 8-year low of 1.55% in July, moving below the Reserve Bank's comfort zone for the first time since January 2019, helped by subdued food prices, government data showed. The RBI is tasked with keeping CPI inflation at 4%, with a margin of 2% on either side.
Chaudhary added that sliding crude oil prices also supported the rupee. "We expect the rupee to trade with a positive bias on risk sentiments in the global market and a weakening US dollar. Softening inflation and declining crude oil prices may further support the domestic currency. However, the ongoing trade tariff war between India and the US and FII outflows may cap sharp upside. Investors may remain cautious ahead of US President Donald Trump and Russian President Vladimir Putin's meeting on Friday," he said.
In equities, the Sensex climbed 304.32 points to close at 80,539.91, while the Nifty advanced 131.95 points to end at 24,619.35. Foreign Institutional Investors sold shares worth Rs 3,644.43 crore on Wednesday, exchange data showed.
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