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Economic Times
14 hours ago
- Business
- Economic Times
Rupee falls 5 paise to 87.63 against US dollar in early trade
The rupee traded in a tight range and fell 5 paise to 87.63 against the US dollar with depreciation pressures still lingering amid persistent trade uncertainty and a firm US dollar backdrop. ADVERTISEMENT Forex traders said the rupee is trading in a narrow range as the Reserve Bank of India is protecting it at around the 87.95 level, while sustained foreign fund outflows are dragging the local unit lower. At the interbank foreign exchange market rupee opened at 87.56, then touched an intra-day low of 87.63 against the US dollar in initial trade, lower by 5 paise from its previous close. On Thursday, the rupee settled 14 paise higher at 87.58 against the US dollar. "The Indian rupee was largely unchanged in Thursday's session, holding its ground despite fresh headwinds from additional US tariffs. Steadying moves from the central bank likely helped contain volatility, even as global cues turned less friendly for emerging market currencies," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.27 per cent to 98.13. ADVERTISEMENT Brent crude, the global oil benchmark, was down 0.17 per cent at USD 66.32 per barrel in futures trade. "Given the prevailing conditions, the rupee may attempt a pullback toward the 87.50 range in the near term. Immediate support lies at 87.20 -- a decisive break below this level would be needed to signal a meaningful shift in trend. ADVERTISEMENT "On the upside, resistance is seen at 87.70, with depreciation pressures still lingering amid persistent trade uncertainty and a firm US dollar backdrop," Pabari added. On the domestic equity market front, the Sensex declined 242.24 points to 80,381.02 in early trade, while the Nifty dropped 54.85 points to 24,541.30. ADVERTISEMENT Foreign institutional investors (FIIs) offloaded equities worth Rs 4,997.19 crore on a net basis on Thursday, according to exchange data. Meanwhile, US President Donald Trump has ruled out the possibility of trade negotiations with India, until the issue of tariffs is resolved. ADVERTISEMENT "No, not until we get it resolved," Trump said in the Oval Office on Thursday in response to a question on whether he expects increased trade negotiations with India since he has announced 50 per cent tariffs on the country. Last week, Trump had announced 25 per cent reciprocal tariffs on India that came into effect from August 7. The US president also signed an executive order slapping an additional 25 per cent levy on India for New Delhi's purchases of Russian oil, bringing the total duties to 50 per cent, among the highest imposed by the US on any country in the world. The additional 25 per cent duty will come into effect after 21 days or August 27. PTI
Time of India
15 hours ago
- Business
- Time of India
Rupee falls 5 paise to 87.63 against US dollar in early trade
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The rupee traded in a tight range and fell 5 paise to 87.63 against the US dollar with depreciation pressures still lingering amid persistent trade uncertainty and a firm US dollar backdrop. Forex traders said the rupee is trading in a narrow range as the Reserve Bank of India is protecting it at around the 87.95 level, while sustained foreign fund outflows are dragging the local unit the interbank foreign exchange market rupee opened at 87.56, then touched an intra-day low of 87.63 against the US dollar in initial trade, lower by 5 paise from its previous Thursday, the rupee settled 14 paise higher at 87.58 against the US dollar."The Indian rupee was largely unchanged in Thursday's session, holding its ground despite fresh headwinds from additional US tariffs. Steadying moves from the central bank likely helped contain volatility, even as global cues turned less friendly for emerging market currencies," CR Forex Advisors MD Amit Pabari the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.27 per cent to crude, the global oil benchmark, was down 0.17 per cent at USD 66.32 per barrel in futures trade."Given the prevailing conditions, the rupee may attempt a pullback toward the 87.50 range in the near term. Immediate support lies at 87.20 -- a decisive break below this level would be needed to signal a meaningful shift in trend."On the upside, resistance is seen at 87.70, with depreciation pressures still lingering amid persistent trade uncertainty and a firm US dollar backdrop," Pabari the domestic equity market front, the Sensex declined 242.24 points to 80,381.02 in early trade, while the Nifty dropped 54.85 points to 24,541.30. Foreign institutional investors (FIIs) offloaded equities worth Rs 4,997.19 crore on a net basis on Thursday, according to exchange US President Donald Trump has ruled out the possibility of trade negotiations with India, until the issue of tariffs is resolved."No, not until we get it resolved," Trump said in the Oval Office on Thursday in response to a question on whether he expects increased trade negotiations with India since he has announced 50 per cent tariffs on the week, Trump had announced 25 per cent reciprocal tariffs on India that came into effect from August US president also signed an executive order slapping an additional 25 per cent levy on India for New Delhi's purchases of Russian oil, bringing the total duties to 50 per cent, among the highest imposed by the US on any country in the additional 25 per cent duty will come into effect after 21 days or August 27. PTI
The Hindu
15 hours ago
- Business
- The Hindu
Rupee falls 5 paise to 87.63 against U.S. dollar in early trade
The rupee traded in a tight range and fell 5 paise to 87.63 against the U.S. dollar, with depreciation pressures still lingering amid persistent trade uncertainty and a firm U.S. dollar backdrop. Forex traders said the rupee is trading in a narrow range as the Reserve Bank of India is protecting it at around the 87.95 level, while sustained foreign fund outflows are dragging the local unit lower. At the interbank foreign exchange market, the rupee opened at 87.56, then touched an intraday low of 87.63 against the U.S. dollar in initial trade, lower by 5 paise from its previous close. On Thursday (August 7, 2025), the rupee settled 14 paise higher at 87.58 against the U.S. dollar. 'The Indian rupee was largely unchanged in Thursday's (August 7, 2025) session, holding its ground despite fresh headwinds from additional U.S. tariffs. Steadying moves from the central bank likely helped contain volatility, even as global cues turned less friendly for emerging market currencies,' CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.27% to 98.13. Brent crude, the global oil benchmark, was down 0.17% at $66.32 per barrel in futures trade. 'Given the prevailing conditions, the rupee may attempt a pullback toward the 87.50 range in the near term. Immediate support lies at 87.20 — a decisive break below this level would be needed to signal a meaningful shift in trend. On the upside, resistance is seen at 87.70, with depreciation pressures still lingering amid persistent trade uncertainty and a firm U.S. dollar backdrop,' Mr. Pabari added. On the domestic equity market front, the Sensex declined 242.24 points to 80,381.02 in early trade, while the Nifty dropped 54.85 points to 24,541.30. Foreign institutional investors (FIIs) offloaded equities worth Rs 4,997.19 crore on a net basis on Thursday (August 7, 2025), according to exchange data. Meanwhile, U.S. President Donald Trump has ruled out the possibility of trade negotiations with India until the issue of tariffs is resolved. 'No, not until we get it resolved,' Mr. Trump said in the Oval Office on Thursday (August 7, 2025) in response to a question on whether he expects increased trade negotiations with India since he has announced 50% tariffs on the country. Last week, Mr. Trump had announced 25% reciprocal tariffs on India that came into effect from August 7, 2025. The U.S. President also signed an executive order slapping an additional 25% levy on India for New Delhi's purchases of Russian oil, bringing the total duties to 50%, among the highest imposed by the U.S. on any country in the world. The additional 25% duty will come into effect after 21 days or August 27.
Time of India
2 days ago
- Business
- Time of India
Trade war: Rupee rises 5 paise against US dollar despite Trump's 50% tariff blow on India
The Indian rupee edged up by 5 paise to 87.67 against the US dollar in early trade on Thursday, trading in a tight range. At the interbank foreign exchange, the rupee opened at 87.69 and strengthened slightly to 87.67, up from Wednesday's close of 87.72. The previous day had seen the rupee rebound 16 paise from record lows. This came despite fresh economic tensions after US President Donald Trump doubled import tariffs on Indian goods to 50%, targeting India over its continued oil trade with Russia. Trump's new tariffs, effective in 21 days, are expected to hit Indian sectors like textiles, leather, and seafood exports the hardest. India sharply responded to the tariff criticising the move, calling it 'unfair and unreasonable.' US has singled out India for the harshest tariff rate of 50%, compared to 30% for China and 15% for Turkey, despite all three importing Russian oil. Experts warn the economic fallout could be serious. "The escalation adds to concerns over the economic impact. If no breakthrough happens within the 21-day window, FY26 GDP growth may have to be revised below 6 per cent, factoring in a 40-50 basis point hit -- twice the earlier estimate from tariff effects," CR Forex Advisors MD Amit Pabari told PTI. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kroyo: Unsold Sofas Prices May Surprise You (Prices May Surprise You) Sofas | Search Ads Search Now Undo Pabari also noted that the rupee remains vulnerable due to rising global uncertainty. India's foreign exchange reserves have dropped by $9.3 billion to $688.9 billion as of August 1, pointing to active central bank intervention to support the rupee. Indian stock markets traded on a weaker note on Thursday. BSE Sensex fell 335.71 points to 80,208.28, while the Nifty50 declined 114.15 points to 24,460.05. Stay informed with the latest business news, updates on bank holidays and public holidays .
Hans India
2 days ago
- Business
- Hans India
Rupee rises 5 paise to 87.67 against US dollar in early trade
Mumbai: The rupee traded in a narrow range and appreciated 5 paise to 87.67 against the US dollar in early trade on Thursday, after US President Donald Trump slapped an additional 25 per cent duty -- doubling it to 50 per cent -- on Indian goods over New Delhi's continued imports of Russian oil. Forex traders said Trump's aggressive move, which kicks in 21 days, threatens to raise total duties on select Indian exports to as high as 50 per cent -- making them among the most heavily taxed US imports globally. At the interbank foreign exchange, the domestic unit opened at 87.69 against the US dollar then touched an initial high of 87.67, higher by 5 paise over its previous close. On Wednesday, the rupee rebounded from a record low level and closed 16 paise higher at 87.72 against the US dollar. Trump's tariffs on Indian exports are likely to hit sectors such as textiles, marine and leather exports hard and was slammed by India as "unfair, unjustified and unreasonable". With this action singling out New Delhi for the Russian oil imports, India will attract the highest US tariff of 50 per cent along with Brazil. The United States has imposed this additional tariff or penalty for Russian imports only on India while other buyers such as China and Turkey have so far escaped such harsh measures. The 30 per cent tariff on China and 15 per cent on Turkey is lower than India's 50 per cent. "The escalation adds to concerns over the economic impact. If no breakthrough happens within the 21-day window, FY26 GDP growth may have to be revised below 6 per cent, factoring in a 40–50 basis point hit -- twice the earlier estimate from tariff effects," CR Forex Advisors MD Amit Pabari said. Pabari further noted that amid these rising tensions and economic concerns, the rupee remains vulnerable and could see further downside as uncertainty continues to mount. Meanwhile, the Reserve Bank of India opted to hold the repo rate steady at 5.50 per cent and retained a neutral stance during its latest policy review. "The decision suggests policymakers are adopting a wait-and-watch approach as they weigh the uncertain trade backdrop against an already slowing global economy," Pabari said, adding that the room for manoeuvre is tightening. India's foreign exchange reserves fell by USD 9.3 billion to USD 688.9 billion as of August 1, reflecting Central Bank's active rupee defence operations amid rising external stress, he said. Meanwhile, Brent crude prices rose 0.99 per cent to USD 67.55 per barrel in futures trade. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 98.21. In the domestic equity market, Sensex dropped 335.71 points to 80,208.28 in early trade, while the Nifty declined 114.15 points to 24,460.05. Foreign institutional investors (FIIs) offloaded equities worth Rs 4,999.10 crore on a net basis on Wednesday, according to exchange data.
