Indian rupee ends flat amid global uncertainty

The Indian rupee ended Wednesday’s trading session nearly unchanged, as pressure from a decline in Asian currencies was offset by widespread interbank dollar sales that provided support to the local unit in a volatile global environment.

The rupee settled at 87.2075 per US dollar, marginally different from its previous close of 87.2125.

Meanwhile, the US dollar index inched up to 103.5, while most Asian currencies weakened between 0.1 per cent and 0.4 per cent, reflecting investor concerns over global trade uncertainties and shifting US tariff policies.

Adding to the volatility, President Donald Trump reversed course on Tuesday, withdrawing his earlier decision to double tariffs on Canadian steel and aluminum to 50 per cent just hours after announcing the increase. This abrupt shift in trade policy contributed to ongoing market uncertainty.

Attribution: Reuters

Subediting: Y.Yasser