The rupee surged by 51 paise to 86.17 against the US dollar in early trading on Friday, supported by a strong start in domestic equity markets, a softer US dollar, and falling crude oil prices.
The sharp appreciation in the local currency follows US President Donald Trump's announcement of a suspension on the additional 26% tariffs on Indian imports until July 9.
At the interbank foreign exchange, the rupee opened at 86.22—up 46 paise from its previous close—and later strengthened further to 86.17. On Wednesday, the rupee had settled at 86.68 against the dollar.