Mumbai: The Indian rupee appreciated sharply against the US dollar in early trade on Monday (May 26, 2025). As per forex traders, weakening of the American currency index, inflow of foreign funds, RBI’s announcement of giving a record dividend to the government for FY25 and positive domestic equity markets supported the Indian currency.
At the interbank foreign exchange, the domestic currency opened at 85.02 and strengthened further to 84.98 before trading at 85.05 against the US dollar in initial deals, registering a sharp gain of 40 paise over its previous close. On Friday, the rupee jumped 50 paise to close at 85.45 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading lower by 0.34 per cent at 98.67. Foreign institutional investors (FIIs) purchased equities worth Rs 1,794.59 crore on a net basis on Friday. The Reserve Bank of India’s latest weekly data released on Friday showed India’s forex reserves dropped $4.888 billion to $685.729 billion for the week ended May 16.
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