In the inter-bank market, the local unit appreciated 0.08% in opening trade, rising to 281.03 against the greenback by 10am. This marked a gain of Re0.22 from Monday’s closing level of 281.25, extending the rupee’s recent spell of relative stability.
Meanwhile, the dollar index — which tracks the US currency against a basket of peers — edged up 0.05% to 98.17, underscoring the dollar’s steady footing despite broader market uncertainties.
In Asia, the Japanese yen slipped to a two-month low after fiscal dove Sanae Takaichi clinched leadership of Japan’s Liberal Democratic Party. Her victory fueled expectations of a more accommodative cabinet, in contrast with outgoing Prime Minister Shigeru Ishiba’s hawkish stance.
The euro, by comparison, remained subdued. Weighed down by the resignation of France’s prime minister and cautious remarks from European Central Bank officials hinting at a possible rate cut, the single currency was little changed at $1.1705.
Together, the moves underscored a fragile global currency backdrop, with the rupee’s incremental rise offering a rare bright spot in a market otherwise dominated by political shifts and policy speculation abroad.
