An employee counts Indian rupee currency notes inside a private money exchange office in New Delhi July 5, 2013. India’s central bank was seen selling dollars via state-run banks on Friday as the rupee approached its record low of 60.76 seen on June 26, four dealers said. REUTERS/Adnan Abidi (INDIA – Tags: BUSINESS)
| Photo Credit: Reuters
The rupee surged 38 paise to 84.58 (provisional) against the U.S. dollar on Wednesday (April 29, 2025) as trade-deal hopes and foreign fund inflows boosted investor sentiments.
U.S. President Donald Trump’s statement that tariff talks with India are in a positive direction enthused investors, forex dealers said.
However, geopolitical tensions between India and Pakistan and a muted sentiment in domestic equities weighed on investor sentiments.
At the interbank foreign exchange, the domestic unit opened at 85.15 and moved between the intra-day high of 84.47 and the low of 85.15 against the greenback. The unit ended the session at 84.58 (provisional), registering a gain of 38 paise over its previous closing level.
On Tuesday (April 29, 2025), the rupee gained 27 paise to settle at 84.96 against the U.S. dollar.
Meanwhile, Mr. Trump said negotiations with India over a bilateral trade deal are “coming along great”, and he thinks Washington will “have a deal” with New Delhi.
Mr. Trump made the remarks on Tuesday (April 29, 2025) while speaking to reporters before departing the White House for a rally in Michigan, marking the first 100 days of his second administration.
“India is coming along great. I think we’ll have a deal with India,” said the President.
“Prime Minister (Narendra Modi), as you know, was here three weeks ago, and they want to make a deal. We’ll see what happens,” he added.
Prime Minister Modi visited the White House in late February.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.20% at 99.44.
Brent crude, the global oil benchmark, fell 0.81% to $63.73 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex declined 46.14 points, or 0.06%, to close at 80,242.24, while the Nifty fell 1.75 points or 0.01% to settle at 24,334.20.
Foreign institutional investors (FIIs) bought equities worth ₹2,385.61 crore on a net basis on Tuesday (April 29, 2025), according to exchange data.
Meanwhile, the Cabinet Committee on Security (CCS), chaired by the Prime Minister, is understood to have deliberated on the overall security situation in Jammu and Kashmir on Wednesday (April 30, 2025) amid speculations about India’s possible retaliation to the Pahalgam terror attack in view of its cross-border linkages.
The CCS meeting was held at the Prime Minister’s Lok Kalyan Marg residence, a day after he held a meeting with the top military brass and accorded operational freedom to the armed forces on the “mode, targets and timing” of India’s response to the April 22 attack that killed 26 people.
It was attended by Defence Minister Rajnath Singh, Home Minister Amit Shah and External Affairs Minister S. Jaishankar, people familiar with the matter said.
Published – April 30, 2025 05:11 pm IST
