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Indian rupee depreciates on Tuesday amid recovery in U.S. dollar index

21 Jan 2025 Evaluate

Indian rupee depreciated on Tuesday tracking heavy sell-off in the domestic equity market and a recovery in the U.S. dollar index. Traders overlooked report that the Commerce and Industry Minister of India, Piyush Goyal, has held bilateral talks with the Belgian Minister of Foreign Affairs, European Affairs, and Foreign Trade, Bernard Quintin, in Brussels. This meeting reinforced the longstanding relationship between India and Belgium, built on shared values of democracy, rule of law and independent judiciary. On the global front, U.S. dollar recovered on Tuesday after President Donald Trump said he was thinking about imposing tariffs on Canada and Mexico.

Finally, the rupee ended at 86.63 (Provisional), depreciated by 18 paise from its previous close of 86.45 on Monday. The currency touched a high and low of 86.64 and 86.28 respectively.

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