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Indian Rupee Rises To Near 4-month High Amid Trump's Reciprocal Tariffs
(RTTNews) - The Indian rupee strengthened against the U.S. dollar in the early European session on Friday, as a weakening dollar, plunging oil prices and expectations for accelerated Federal Reserve interest-rate cuts supported the INR.
President Trump's tariffs are higher than anticipated, which increases the likelihood of a recession in the U.S. economy and devalues the dollar.
The dollar extended its drop and yields on the 10-year U.S. Treasury hovered around the 4 percent mark as investors await a key U.S. jobs report and a speech by Fed Chair Jerome Powell for additional clues on the outlook for the world's largest economy.
Oil extended losses after tumbling over 6 percent in the previous session following an OPEC+ decision to increase output faster than previously announced.
Trump announced on Wednesday that he will apply 26% tariffs on imports from India starting on April 9, as part of his broad plan to enforce duties on all U.S. imports.
Against the U.S. dollar, the rupee rose to nearly a 4-month high of 84.78 from an early low of 85.32. At yesterday's close, the rupee was trading at 85.25 against the greenback.
If the rupee extends its uptrend, it is likely to find resistance around the 83.00 region.
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