The rupee strengthened by 34 paise to 84.96 against the US dollar in early trade on Friday, buoyed by a broad decline in the greenback due to the effects of Trump's tariffs, which provided support to emerging market currencies like the rupee.
Key factors behind the rupee's recovery include a drop in crude oil prices and the dollar's weakness in global markets.
According to forex traders, the US dollar lost ground amid growing concerns over inflationary pressures triggered by the tariffs and fears of a potential recession in the United States.