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8h ago

Rupee Opens Stronger As U.S. Tariffs Take Effect

RBI dollar sales helped the currency hold the mid-87 range despite the new U.S. tariffs.

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Overview

  • The Trump administration’s 50% tariff package took effect at 9:31 a.m. IST and includes a 25% levy on India’s purchases of Russian oil.
  • The rupee started the session near 87.51–87.59 per dollar, firmer by roughly 10–17 paise versus Tuesday’s close.
  • Forex dealers said the Reserve Bank of India sold dollars around 87.80 this week to prevent a breach of the all-time low.
  • Indian equities fell in early trade, with the Sensex down roughly 500–600 points and the Nifty lower, as exchange data showed FIIs sold about Rs 6,516 crore of stocks on Tuesday.
  • A weaker dollar index and easing Brent crude prices supported the rupee, with market reports linking U.S. moves to fire Fed Governor Lisa Cook to declines in the dollar and Treasury yields.