Rupee Falls to 86.08 Against Dollar as Trump-Powell Rift Hits Asian Currencies
The Indian Rupee ended lower on Thursday, closing above the ₹86 mark as tensions surrounding U.S. Federal Reserve leadership and a stronger dollar weighed heavily on Asian currencies.
The rupee closed at ₹86.08 per U.S. dollar, down 14 paise from the previous close, according to Bloomberg data. This marks a 0.54% depreciation for the Indian currency so far in the 2025 calendar year.
Dollar Gains on Global Tensions
The pressure on the rupee came as the U.S. dollar strengthened, fueled by political uncertainty in Washington. Former President Donald Trump denied reports that he plans to oust Federal Reserve Chair Jerome Powell, though his earlier remarks in a closed-door meeting sparked market jitters.
Adding to the volatility, U.S. producer price data showed no change last month, increasing speculation that the Federal Reserve may move to cut interest rates in its upcoming policy meet.
Asian Currencies Also Under Pressure
The rupee’s weakness was mirrored across Asia, with all major Asian currencies sliding on Thursday amid a broader risk-off sentiment. The Indian rupee mostly traded within the 85.70–86.00 range during the week before breaching the upper end.
Meanwhile, the U.S. Dollar Index, which tracks the greenback against six major global currencies, rose 0.31% to 98.69, reflecting renewed strength in the dollar.
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