Mumbai: The Indian Rupee weakened on the first trading day of the financial year. As per forex traders, the market is waiting for the of reciprocal tariffs taking effect today. US President Donald Trump is expected to announce his reciprocal tariffs plan on Wednesday during an event in the White House Rose Garden.
At the Interbank foreign exchange, the domestic currency opened 21 paise weaker at 85.68 against the US dollar. The local currency settled at 85.47 on Friday. Tracking the fall in the dollar index, the currency appreciated by 2.39 per cent in March, registering the best month since November 2018. Meanwhile, during the last financial year, it witnessed a 2.42 per cent fall.
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After registering a 3.2 per cent decline in March, the dollar index — a measure of the value of the US dollar relative to a basket of foreign currencies — was down 0.07 per cent to 104.18.
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