The Indian rupee rose by eight paisas to close at 88.21 (provisional) on Wednesday, October 29, 2025, against the U.S dollar, thanks to robust domestic equity markets and new hopes of a trade deal between India and the United States. Forex traders explained the recovery of the rupee by the optimistic investor mood caused by the effect of improved crude oil prices and optimism about a breakthrough in trade talks. Further gains were limited, however, by importer demand of dollars.
The rupee started the trading day at 88.21 and traded between the ranges of 88.21 and 88.35 at the interbank foreign exchange market and closed at 88.21, gaining eight paesis against its last close. On Tuesday, the domestic currency had lost 10 paise to close at 88.29 to one U.S. dollar.
Players in the market were not confident going into the U.S. Federal Open Market Committee (FOMC) policy announcement that may possibly affect global capital flows and the course of the dollar. The dollar index, which is used to determine the strength of the greenback against a basket of six major currencies slipped up by 0.21 per cent to 98.87.
In commodities, the world oil benchmark Brent crude increased a bit to 0.22% to $65.54 per barrel in the futures trade. Meanwhile, the domestic equity markets continued to be on the upward trend, as Sensex increased by 368.97 points to close at 84,997.13 and Nifty increased by 117.70 points to come at 26,053.90.
The foreign Institutional Investors (FIIs) did not relent their purchase spurt and they bought equities in the value of 10,339.80 crore on Tuesday according to the exchange data.
Industrial production growth was maintained at 4 percent in September on the macroeconomic front supported by robust manufacturing activity. GST rationalisation measures and the demand during festivals helped the growth.
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