The rupee appreciated for the fourth straight session on Thursday, rising by 27 paise to settle at 85.37 (provisional) against the US dollar—matching its April 3 closing level. The recovery was supported by foreign capital inflows into domestic equities and a broadly weaker US dollar.
The Indian currency has now erased all its losses incurred since April 2, when US President Donald Trump announced sweeping reciprocal tariffs on several nations. On that day, the rupee had closed at 85.52 against the dollar.
Forex traders noted that a rebound in local equity markets, driven by easing concerns over the US tariffs, lifted overall investor sentiment. However, a slight uptick in crude oil prices capped the rupee's gains.