The Rupee opened 9 paise weaker at 85.80 in the backdrop of the escalating war between India and Pakistan.

The has been triggered by Pakistan-sponsored terrorists killing 26 tourists in Pahalgam, Kashmir, on April 22, 2025.

The Rupee, which closed 88 paise down at 85.71 per US Dollar against previous close of 84.83, is currently trading at 85.8750 per US Dollar.

Abhishek Goenka, Founder & CEO, IFA Global, said, “We expect the Rupee to trade in a 85.80-86.25 range with a weakening bias. While Rupee is likely to remain under pressure in the near term, the moment there is a sign of de-escalation, we may see a rapid reversal as well.

“Considering that the event is a known unknown, exporters and Importers are advised to not overhedge and tread with caution, even considering possible trade and travel disruptions if the situation snowballs into a full fledged war.”

Published on May 9, 2025