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Rupee trades weak with US-Russia meeting in focus; opens at 87.46/$
The domestic currency opened 2 paise lower at 87.46 against the greenback on Thursday, according to Bloomberg. The domestic currency rose 28 paise, or 0.32 per cent, in the previous session.
The rupee has depreciated by 2.25 per cent in the current financial year so far, whereas it has weakened by 2.09 per cent in the current calendar year so far. However, the local currency has witnessed 0.18 per cent appreciation in August so far.
The domestic currency closed higher on constant selling by the Reserve Bank of India (RBI) at 87.73 levels and had closed higher at 87.44 against the dollar, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
Foreign portfolio investors (FPIs) remained net sellers in the equity market but bought some debt following the recent market decline, Bhansali said. Global funds have been net sellers of ₹18,710 crore so far this month.
With expectations of a US Federal Reserve rate cut pulling the dollar index lower, the rupee could gradually strengthen towards 87.00, depending on the outcome of Friday's US–Russia summit, Bhansali said. "Exporters are advised to sell near 87.75 if the level reappears, as the RBI has been protecting it, while importers should wait to hedge and buy on dips for cash and near-term payments."
Trump warned Putin of "very severe consequences" if the Russian leader didn't agree to a ceasefire. Meanwhile, US Treasury Secretary Scott Bessent cautioned that the current 25 per cent secondary tariff on India could increase if the Trump-Putin meeting fails to make headway.
Further, Bessent urged the Federal Reserve to cut half-point interest in the September meeting, amid reports that Trump might select a new Fed Chair sooner than expected. The dollar index, a measure of the greenback against a basket of six major currencies, was down 0.09 per cent at 97.75.
In commodities, crude oil rose but was near a two-month low after the International Energy Agency said the market is on track for record oversupply next year. Brent crude price was up 0.41 per cent at 65.90 per barrel, while WTI crude prices were higher by 0.41 per cent at 62.91, as of 9:17 AM IST.
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