Analysts said the rupee rises 14 paise to 87.95 against dollar mainly on the back of strong domestic equities. However, pressure remains from concerns over U.S. tariffs on India and global market uncertainty. Traders also noted the possibility of Reserve Bank of India intervention to curb volatility after the rupee touched record lows last week.

On September 5, the currency had dropped to an intraday low of 88.38 before closing at 88.09. It recorded its lowest closing level of 88.15 on September 2.

Globally, the dollar index eased to 97.40 as U.S. economic data signaled a potential rate cut by the Federal Reserve. Meanwhile, Brent crude traded at $66.37 per barrel, up 0.53%.

In equities, Sensex surged 366.87 points to 81,154.17, while Nifty rose 101.35 points to 24,874.50. Despite the rebound, experts warn that trade tensions and tariff disputes may continue to cap gains for the domestic currency.

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The India U.S. trade deal has gained urgency after the United States imposed a 50% tariff on some Indian exports in late August, citing concerns over New Delhi’s purchase of discounted Russian oil. Goyal emphasized that India wants a “fair and balanced” agreement that restores business confidence, reduces trade barriers, and benefits exporters on both sides.

India has already signed trade pacts with the UAE, UK, Mauritius, Australia, and the EFTA bloc, while talks with the European Union are progressing steadily. Goyal also mentioned that relations with China are “returning to normal,” suggesting that India is diversifying its partnerships while strengthening ties with the U.S.

If concluded, the India U.S. trade deal would be a major win for exporters in sectors like textiles, IT services, pharmaceuticals, and agriculture. It could also bring tariff relief, attract foreign investment, and strengthen India’s global trade position. For the United States, the agreement may open new opportunities in defense, energy, and technology collaboration.

By setting November as the target, India hopes to remove uncertainty ahead of the festive season, giving exporters a morale boost. Goyal’s remarks underline New Delhi’s determination to keep economic diplomacy at the center of its growth strategy.

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