The rupee extended the previous session’s gains on April 4 to emerge strongest in three months, trading below ₹85 against the dollar, which has been hammered on concerns that the US’ sweeping tariffs will hit growth. Falling Brent prices also helped the rupee. In relation to the dollar, which has been severely impacted by worries that the US’ broad tariffs will hinder growth, the rupee extended its gains from the previous day on April 4 to emerge strongest in three months, trading below ₹85. The currency also benefited from falling Brent prices.
Invest in Indian Markets and Unlock Future Potential With 5paisa!After beginning at ₹85.04, the INR/USD was trading at 84.9913 against the US dollar, over 40 paisa higher than its previous finish of ₹85.44. According to Bloomberg data, the rupee last fell below the 85-mark on December 18. Early trading saw the dollar index, which compares the value of the US dollar to six key international peers, drop to 101.798. The previous session concluded at 102.072.
Currency analysts blamed the decline on US President Donald Trump’s more-than-expected tariff announcements the day before, which sparked concerns about the global economy and a potential recession in his nation. After beginning at ₹85.04, the rupee currency was trading at ₹84.9913 against the US dollar, over 40 paisa higher than its previous finish of ₹85.44. According to Bloomberg data, the rupee last fell below the ₹85-mark on December 18. Early trading saw the dollar index, which compares the value of the US dollar to six key international peers, drop to 101.798. The previous session concluded at 102.072.
Currency analysts blamed the decline on US President Donald Trump’s more-than-expected tariff announcements the day before, which sparked concerns about the global economy and a potential recession in his nation. In early trading, Brent plummeted precipitously and was trading at $69.64 per barrel. Fears of a slowdown in global demand caused the price of crude oil to plummet after the US President proposed steep reciprocal trade duties. Crude oil saw its largest one-day decline in three years as a result of a shocking tariff hike on China.
As OPEC+ unexpectedly agreed to increase output in May to 411,000 barrels per day—much higher than the initially scheduled 135,000 bpd—prices also fell. Crude oil prices may remain under pressure due to rising OPEC+ output and decreased demand brought on by trade tariffs, according to Kalantri. According to Abhishek Goenka, founder and CEO of India Forex & Asset Management (IFA Global), the rupee is expected to trade with an appreciation bias against the dollar, in the range of ₹84.95 to ₹85.25.
