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Rupee Strengthens to 85.50 on Foreign Inflows and Dollar Weakness

Sustained foreign inflows bolstered the rupee on dollar weakness, with firm crude prices limiting further gains ahead of US tariff deadlines.

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Overview

  • The rupee closed at 85.50 per dollar on June 27, rising 22 paise after a 36-paise gain the previous session.
  • Foreign institutional investors bought equities worth ₹1,397 crore on Friday following a ₹12,594 crore net inflow on Thursday.
  • The US Dollar Index eased to around 97.24, reflecting broader greenback weakness that supported the rupee’s rebound.
  • Brent crude held near $68.22 per barrel, capping additional upside for the rupee due to India’s dependence on oil imports.
  • India’s forex reserves remain close to record highs, empowering the RBI to buffer volatility, and markets are monitoring US Fed leadership and a July 9 tariff deadline.