New Delhi, July 16 (H.S.): The rupee declined against the US dollar today due to uncertainty surrounding the trade deal with the United States and increased demand for dollars. It closed at 85.94, weakening by 12 paise from the previous closing of 85.82.

The Indian currency started trading at 85.98, down by 16 paise, and fell further to 86.05 during the session. However, it recovered slightly to 85.73 before closing again at 85.94, influenced by foreign investors selling in the stock market.

Market experts attributed the rupee's weakness to the strong dollar index, foreign institutional investors’ fund withdrawals, and uncertainty over US tariffs. Rajiv Dutta, CEO of Capex Gold and Investments, noted that US consumer price index figures exceeding expectations supported the dollar's strength today.

Despite the rupee's decline against the dollar, it appreciated against other major currencies, strengthening by 32 paise against the British pound to 115.13 and gaining 45 paise against the euro, reaching 99.82.

Hindusthan Samachar / Jun Sarkar