The Indian rupee traded within a narrow range, depreciating by 7 paise to 88.69 against the US dollar in early trade on Thursday, influenced by a strong US dollar index and a subdued performance in local equities.
Forex traders noted that the rupee’s movement remained constrained, buoyed by renewed optimism over US-India trade discussions, though a firm US dollar limited investor sentiment. The US dollar index was hovering around 99.50 as markets prepared for the potential conclusion of the ongoing US government shutdown.
In the interbank foreign exchange market, the rupee opened at 88.66 against the dollar before falling to 88.69, down 7 paise from the previous closing rate. On Wednesday, the rupee had declined by 12 paise to settle at 88.62.
CR Forex Advisors’ Managing Director, Amit Pabari, indicated that the USD/INR pair has a crucial support level at 88.40. A sustained break below this level could lead to a decrease to between 87.70 and 88.00, suggesting further strength for the rupee. Conversely, resistance is observed between 88.70 and 88.80.
Additionally, the dollar index, which measures the greenback’s performance against a basket of six currencies, was trading 0.02 percent higher at 99.51. Brent crude, the global oil benchmark, was also trending downwards, trading 0.13 percent lower at USD 62.63 per barrel in futures contracts.
On the domestic equity market front, the Sensex fell by 205.08 points to 84,261.43 in early trade, while the Nifty dropped 61.15 points to 25,814.65. Foreign Institutional Investors sold equities worth ₹1,750.03 crore on Wednesday, according to data from the exchange.
In a separate development, the government approved the Export Promotion Mission (EPM) with an allocation of ₹25,060 crore for six financial years starting this fiscal year. This initiative aims to assist exporters in coping with high tariffs imposed by the US and will be executed through two sub-schemes: Niryat Protsahan (₹10,401 crore) and Niryat Disha (₹14,659 crore).
Pabari remarked that these initiatives align with broader strategies to enhance exports and reduce the trade deficit, ultimately supporting the rupee and promoting external stability.
Published on November 13, 2025.
