Overview

• The Indian rupee reached 83.76 per dollar on May 2, marking its highest level since October 2024 before closing at 84.51 due to late RBI dollar buying.
• Foreign institutional investors have been net buyers of Indian equities for 11 consecutive sessions, the longest streak in two years, bolstering the rupee.
• Optimism around a potential US-India trade deal, supported by comments from US trade negotiator Jamieson Greer, has improved market sentiment.
• April’s GST collections hit an all-time high of Rs 2.37 lakh crore, reflecting robust domestic demand and strengthening economic fundamentals.
• The US Dollar Index dropped below 100, aiding the rupee’s appreciation, while technical stop-loss triggers amplified its recent rally.