Overview

• The Indian rupee surged to ₹83.83 per dollar, marking a nearly 2% weekly gain and its strongest level in six months.
• Foreign institutional investors have been net buyers of Indian equities for 11 consecutive sessions, the longest streak in two years, boosting the currency.
• Optimism surrounding a potential US-India trade deal and comments from US trade negotiators have fueled market confidence in the rupee's trajectory.
• The Reserve Bank of India has refrained from aggressive dollar purchases, allowing the rupee's rally to persist while forex reserves rose for the eighth straight week to $688.13 billion.
• Robust domestic economic indicators, including record GST collections of ₹2.37 lakh crore in April, further underscore the rupee's strength.