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Currency watch: Rupee closes flat at 85.52 vs dollar, equities crash and oil spike limit gains

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The rupee ended nearly unchanged against the US dollar on Thursday, rising just 1 paisa to settle at 85.52, as weakness in the greenback against major currencies offset pressure from a sharp decline in domestic equities and a rise in crude oil prices.At the interbank foreign exchange market, the rupee opened at 85.43 and moved within a narrow range of 85.43 to 85.65 before closing at 85.52, compared to its previous close of 85.53 on Wednesday, reported PTI.Traders said the local unit found some support from global cues after the US dollar weakened following softer inflation data and signs of a potentially more accommodative trade stance by the US president.“The dollar fell on Thursday on further signs that the US president may adopt a softer stance in tariff negotiations and heightened expectations of Federal Reserve rate cuts after a softer CPI inflation data yesterday (Wednesday). Trump also said he is willing to extend the July 9 deadline for completing trade talks with countries before higher US tariffs are imposed,” said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.The dollar index, which measures the US currency’s strength against a basket of six major currencies, was down 0.43 per cent at 99.20.Meanwhile, a steep fall in domestic equities added downside pressure on the rupee. The benchmark BSE Sensex declined 823.16 points to close at 81,691.98, while the broader NSE Nifty dropped 253.20 points to end at 24,888.20.Crude prices also edged higher during the session, with Brent crude, the global benchmark, trading at $66.81 per barrel, down 0.09 per cent in futures trade.On the foreign investment front, data showed that foreign institutional investors (FIIs) offloaded equities worth Rs 3,831.42 crore on a net basis during Thursday’s session.Adding to the sombre tone of the day, a London-bound Air India flight carrying 242 passengers and crew crashed into a residential area shortly after taking off from Ahmedabad airport on Thursday afternoon. Many fatalities were feared in the incident.

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