Currency Market News: Rupee gains 19 paise to 85.29 vs US dollar

Rupee strengthened by 19 paise to 85.29 against the US dollar in early trade on Friday on the back of lower crude oil prices and sustained foreign fund inflows. 

According to forex traders, firm greenback and volatile stock markets capped the rupee's gain even as market participants stayed cautious ahead of the release of domestic GDP data.

At the interbank foreign exchange, the domestic unit opened at 85.35 and gained further to trade at 85.29 against the greenback in initial deals, registering a rise of 19 paise from its previous close.

The rupee had ended 10 paise lower at 85.48 against the dollar on Thursday.

Also Read: Currency Market News: Rupee falls 7 paise to 85.45 against US dollar 

Dollar index gains; Crude prices ease

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.16 per cent at 99.36. Analysts noted that the dollar's recovery after a US federal court's ruling against President Donald Trump's sweeping reciprocal tariffs proved short-lived, as a federal appeals court later put a temporary stay on the decision.

Brent crude, the global oil benchmark, declined 0.48 per cent to $63.84 per barrel in futures trade.

Also Read:First Trade: Indices open mildly higher; Nifty at 24,837; Bajaj Auto falls 2% 

Stock market summary

Indian equities, despite weak Asian cues, opened with mild gains on the first trading day of the June series.

The NSE Nifty 50 opened up 3.85 points or 0.02 per cent at 24,837.45, while the BSE Sensex gained 26.05 points or 0.03 per cent to 81,659.07. The Bank Nifty also traded with slight gains, led by counters including IDFC First Bank, Bank of Baroda, and Punjab National Bank.

From the Nifty50 pack, top gainers included Coal India, L&T, Jio Financial, Grasim, and Cipla. 

On the other hand, Bajaj Auto, Tech Mahindra, Infosys, Hindalco, and HCL Technologies were among the top laggards. Foreign institutional investors (FIIs) purchased equities worth Rs 884.03 crore on a net basis on Thursday, according to exchange data.

The Reserve Bank, in its latest annual report, said India is poised to remain the fastest-growing major economy in the world even in FY26.

(With inputs from PTI)