The Indian Rupee was weaker on Friday, overturning its initial gains despite decreasing prices of crude oil and a weaker dollar index. It was reported that the domestic currency fell 15 paise to close at 87.97 to the US dollar, after it started trading at its highest point in a month in the morning. To date, in 2025, the rupee has fallen by 2.76 per cent, but it has made the best one-day performance in almost four months on Wednesday.
Market analysts blamed the rupee to free renewed uncertainty regarding international trade developments. Recently, India refuted reports that the former US President Donald Trump had been committed to stopping Russian oil imports. The clarification was given several hours after Trump asserted that Prime Minister Narendra Modi had vowed to end the purchase of Russian crude. The Ministry of External Affairs in India said that it had no knowledge of such a dialogue, which left speculation on the future of a possible trade agreement between the two nations.
The dollar index, which tracked the power of the US dollar against a basket of the six dominant currencies, moved on a negative path. It was also depreciating by 0.13 per cent at 98.21, which is the general market weakness of the greenback against the major world currencies.
In the meantime, the price of US crude oil dropped to its lowest point since May 2025 due to the larger-than-anticipated increase in US crude stocks and the continuing worry about the US government shutdown. At 3.40 PM IST, the Brent crude and WTI crude (raw) decreased by 1.34 per cent and 1.37 per cent, respectively, to $60.22 per barrel and 56.67 per barrel.
Although the world was experiencing positive trends in oil, the rupee was not doing well in maintaining its initial gains, which underscores the vulnerability of the currency to geopolitical events and trade uncertainties.
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