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The Indian rupee strengthened against the US dollar on Thursday, due to suspected RBI intervention in the market to prevent volatility of the rupee after Trump’s 25% tariff on Indian exports and a penalty for buying crude oil and military equipment from Russia. Rupee improved further as the Fed maintained status quo on interest rates, in line with market expectations, but hawkish commentary from Chair Jerome Powell reduced the chances of a rate cut in September. Moreover, weakness in the American currency also supported rupee sentiments.

The partially convertible currency is currently trading at 87.57, stronger by 23 paise from its previous close of 87.80 on Wednesday. The currency touched a high and low of 87.7450 and 87.56 respectively.