Fri May 30 11:24:35 UTC 2025: Okay, here’s a news article summary of the provided text, based on The Hindu reporting:
**Rupee Slips Amidst Market Volatility, Awaits GDP Data**
**Mumbai – May 30, 2025** – The Indian rupee weakened against the U.S. dollar on Friday, closing 8 paise lower at 85.56 (provisional). The dip was attributed to volatility in domestic equity markets and a recovery in global crude oil prices. The currency opened at 85.35, fluctuating throughout the day before settling at the lower rate. The previous day, the rupee closed at 85.48.
Forex traders noted that steady inflows of foreign funds offered some support to the rupee, though investors remained cautious, awaiting the release of India’s GDP data later in the day.
According to Anuj Choudhary, a research analyst at Mirae Asset Sharekhan, the rupee’s decline was also influenced by month-end dollar demand from importers. However, a weaker US dollar index and continued Foreign Institutional Investor (FII) inflows partially cushioned the impact.
The dollar index was up by 0.28% to 99.49, showing signs of recovery after initial setbacks related to rulings on tariffs. Brent crude oil rose 0.41% to $64.41 per barrel.
Domestic equity markets also saw a downturn, with the BSE Sensex closing down 182.01 points (0.22%) at 81,451.01 and the Nifty declining 82.90 points (0.33%) to 24,750.70. Despite the market dip, FIIs were net buyers of equities on Thursday, purchasing ₹884.03 crore worth of shares.
The Reserve Bank of India (RBI) stated in its annual report on Thursday that India is projected to remain the fastest-growing major economy in the world in FY26.
Analysts anticipate the USD-INR spot price to trade in a range of ₹85.30 to ₹86, and that traders will be taking cues from the core PCE price index and personal income data from the U.S.
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