Rupee Surges as FIIs Boost Confidence Amid Market Uncertainty

The Indian rupee appreciated 24 paise to close at 85.48 against the US dollar due to strong foreign institutional investor inflows and firm domestic equity markets. The dollar index fell, while a rise in crude oil prices limited the rupee's gains. Sensex and Nifty also closed higher.

The Indian rupee gained 24 paise, ending at 85.48 against the dollar, buoyed by robust foreign institutional investor (FII) inflows and a positive trend in domestic equity markets.

Forex traders attributed the rupee's upward movement to a weakened American currency index, although rising crude oil prices tempered its progress. FIIs reportedly invested Rs 12,594.38 crore in equities, bolstering market confidence.

As the dollar index slightly increased to 97.24 after earlier losses, experts like Anil Kumar Bhansali noted the upcoming Trump tariffs and market uncertainties might push the rupee to 86 next week. Meanwhile, domestic indices such as Sensex and Nifty recorded notable gains.

(With inputs from agencies.)