Mumbai: The Indian rupee depreciated against the US dollar in early trade on Thursday as the American currency strengthened after the US federal court blocked President Donald Trump’s sweeping reciprocal tariff order. As per forex traders, the local currency was weighed down by higher crude oil prices overseas and disappointing domestic data on industrial output for April. However, inflow of foreign funds and buying trend in domestic equities capped the rupee’s fall.
At the interbank foreign exchange, the domestic currency opened at 85.56 and gained some ground to trade at 85.45 against the US dollar in initial deals, 7 paise lower from its previous close. The local unit ended Wednesday’s session 2 paise higher at at 85.38 against the dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading higher by 0.40 per cent at 100.18.
Foreign institutional investors (FIIs) purchased Indian equities worth Rs 4,662.92 crore on a net basis on Wednesday. On the domestic macroeconomic front, India’s industrial production growth slowed to 2.7 per cent in April 2025.
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