Rupee Closes 6 Paise Lower at 88.68 on Importer Dollar Demand

Overview

• The rupee settled at 88.68 per US dollar, down 6 paise from 88.62, after moving in a narrow 88.63–88.73 range.
• Dealers pointed to sustained demand for dollars from importers and recent foreign fund outflows as key pressures, partly offset by softer oil and cautious optimism on US–India trade talks.
• Near-term views stayed guarded, with analysts highlighting support around 88.40 and resistance near 88.70–88.80 for USD/INR.
• The dollar index eased to roughly 99.20 by late trade, while Brent crude futures hovered near USD 62.58 a barrel.
• The government approved a Rs 25,060 crore Export Promotion Mission over six years to help exporters manage higher US tariffs, a step viewed as longer-term support for external balances.