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Rupee closes 3 paise lower at 85.57 amid weak equities

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Rupee closes 3 paise lower at 85.57 amid weak equities

The Indian rupee ended 3 paise weaker at 85.57 against the US dollar on Friday, as strong foreign capital inflows were offset by negative equity market sentiment, rising crude oil prices, and a widening trade deficit.At the interbank foreign exchange, the rupee opened strong at 85.28 and traded in a range of 85.28 to 85.70, before settling at 85.57, down from its previous close of 85.54 on Thursday, when it had declined by 22 paise, PTI reported.Forex traders said despite strength in Asian and European currencies, the rupee remained under pressure.“The rupee struggled to break past the 85.00 level and faced selling pressure near 85.30. It continued to trade within a narrow band of 85.25 to 85.75, which is likely to remain the range early next week,” said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP.Market sentiment was also weighed down by weak domestic equities. The BSE Sensex fell 200.15 points to close at 82,330.59, while the NSE Nifty dropped 42.30 points to 25,019.80.On the external front, the dollar index, which measures the greenback against a basket of six major currencies, was down 0.12% at 100.75.In commodities, Brent crude futures edged up 0.14% to $64.62 per barrel, contributing to concerns over India’s import bill.Meanwhile, government trade data released on Thursday showed that India’s trade deficit widened to a five-month high of $26.42 billion in April. Imports surged 19.12% YoY to $64.91 billion, driven by higher crude oil and fertiliser shipments. Exports also rose 9.03% to $38.49 billion, marking a six-month high, supported by strong performance in electronics and engineering goods.“While exports grew by around 9%, imports climbed 19.13%, pushing the trade deficit higher. However, services exports continue to provide a cushion, as seen in recent months and years,” Bhansali noted.Despite the pressure on the rupee, foreign institutional investors (FIIs) remained bullish, making net equity purchases worth Rs 8,831.05 crore on Friday.In a separate development, India’s foreign exchange reserves rose sharply by $4.553 billion to $690.617 billion for the week ended May 9, largely due to a significant jump in gold assets, the Reserve Bank of India (RBI) said.





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