The Indian rupee slipped by 6 paise to 90.62 against the US dollar in early trade on Wednesday, as geopolitical concerns and strong dollar demand from importers weighed on investor sentiment.
At the interbank forex market, the rupee opened at 90.56, briefly strengthened to 90.46, but eventually lost ground to settle at 90.62, marking a modest decline from the previous close. On Tuesday, the rupee had recovered from initial losses to end 10 paise higher at 90.56.
Forex analysts noted that while the initial markets reacted positively to the India-US trade deal, fresh concerns emerged after the White House released its fact sheet. The document outlines key terms, including India’s commitment to reduce or eliminate tariffs on US industrial goods and a wide range of food and agricultural products such as dried distillers’ grains, red sorghum, tree nuts, fresh and processed fruits, pulses, soybean oil, and wine and spirits. India has also pledged to purchase over USD 500 billion worth of US energy, ICT, agricultural, coal, and other products.
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Amit Pabari, MD of CR Forex Advisors, said, “The US fact sheet goes beyond the February 6 joint statement by explicitly mentioning tariff cuts on additional agricultural products, including pulses, which are politically and economically sensitive for India.”
Rupee Support Zone Holds Between 90.00–90.20
Pabari added that the 90.00–90.20 zone remains a strong support level for the rupee. As long as this holds, the USD/INR could gradually move higher, with the 91.00–91.20 range emerging as the next potential upside in the near term.
Meanwhile, the dollar index, which measures the US currency’s strength against six major currencies, was down 0.14% at 96.66, while Brent crude futures rose 0.78% to USD 69.34 per barrel. As a major oil importer, higher crude prices tend to put additional pressure on the rupee over time.
In the domestic equity market, the Sensex gained 141.21 points to 84,415.13, and the Nifty rose 51.95 points to 25,987.10 in early trading. On Tuesday, foreign institutional investors were net buyers, purchasing equities worth Rs 69.45 crore.