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Indian rupee appreciates on Monday amid selling of dollar by exporters

05 May 2025 Evaluate

Indian rupee appreciated against the US dollar on Monday supported by a sharp decline in crude oil prices and a positive trend in domestic equities. Traders took support as Reserve Bank of India (RBI) said that India's foreign exchange reserves rose $1.983 billion to $688.129 billion in the week that ended on April 25, extending gains for the eight straight week. Besides, Chief Economic Advisor (CEA) Dr V Anantha Nageswaran expressed confidence in the economy's resilience and said India's economy is in good shape despite the challenging global environment. On the global front, ringgit ended higher against the US dollar at the close on Monday, amid the government’s response towards the impact of the reciprocal tariff from the United States. 

Finally, the rupee ended at 84.30 (Provisional), appreciated by 27 paise from its previous close of 84.57 on Friday. The currency touched a high and low of 84.47 and 84.10 respectively.

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