Indian Rupee Surges Past 84 Per Dollar Mark for First Time Since October 2024

In a significant move, the Indian rupee (INR) has risen above the 84 per US dollar threshold for the first time since October 2024, signaling renewed strength in the currency amid robust foreign fund inflows and positive domestic economic data. As of April 30, 2025, the rupee appreciated by 0.5%, closing at 84.78 per dollar-its highest level so far this year.

 

The surge is attributed to a sharp increase in foreign institutional investments, with over ₹25,000 crore flowing into Indian equities in April, particularly in financial and infrastructure sectors. This influx of capital has boosted demand for the rupee and supported its appreciation. Additionally, a global weakening of the US dollar, following signals that the Federal Reserve may cut interest rates later this year, has made emerging market currencies like the rupee more attractive.

 

Stronger domestic manufacturing and industrial production data, both registering 3% growth, have further reinforced market confidence. Analysts anticipate that the rupee could maintain its strength in the coming months, provided foreign inflows continue and global economic conditions remain favorable.

 

Source: Reuters, Indian Express, News18, Indira Securities, Economic Times