Image used for representative purpose only.
| Photo Credit: Reuters

After a two-day pause, the rupee gained 16 paise to 85.29 (provisional) against the U.S. dollar on Thursday (April 24, 2025), on weak greenback and overnight decline in crude oil prices.

Forex traders said the rupee strengthened on the weak U.S. dollar and overnight decline in crude oil prices amid slowing U.S. business activity. The U.S. Treasury yields also declined with the 10-year yield falling 3 basis points to 4.35%.

At the interbank foreign exchange, the domestic unit opened at 85.60 and moved between the intra-day high of 85.25 and the low of 85.67 against the greenback. The unit ended the session at 85.29 (provisional), registering a gain of 16 paise over its previous closing level.

On Wednesday, the rupee depreciated 26 paise and settled for the day at 85.45 against the U.S. dollar.

“We expect the rupee to trade with a positive bias as weakness in the U.S. dollar is likely to remain intact amid trade tariff uncertainties. However, risk-on sentiments in the global markets and FII inflows may support the rupee at lower levels.

“Traders may take cues from weekly unemployment claims, durable goods orders and existing home sales data from the U.S. USDINR spot price is expected to trade in a range of 85 to 85.70,” Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.51% at 99.33.

Brent crude, the global oil benchmark, rose 0.65% at $66.55 per barrel in futures trade.

“Near-term technicals for spot USDINR indicate support at 85.03 and resistance at 85.70. High-frequency data suggests a stronger rupee, though geopolitical factors may cap the gains,” Dilip Parmar, Research Analyst, HDFC Securities, said.

Traders said heightened geopolitical tensions, following the terror attack in Pahalgam, Jammu & Kashmir, weighed on market sentiment.

Prime Minister Narendra Modi on Thursday declared that the killers of Pahalgam will be pursued “to the ends of the earth” and promised to “identify, track and punish every terrorist and their backers”.

India on Wednesday downgraded diplomatic ties with Pakistan and announced a raft of measures, including expulsion of Pakistani military attaches, suspension of the Indus Water Treaty of 1960, and immediate shutting down of the Attari land-transit post in view of the cross-border links to the horrific Pahalgam terror attack in which 26 civilians were killed.

In the domestic equity market, the 30-share BSE Sensex fell 256.90 points, or 0.32%, to settle at 79,859.59, while the Nifty declined 82.25 points, or 0.34%, to 24,246.70.

Foreign institutional investors (FIIs) bought equities worth ₹3,332.93 crore on a net basis on Wednesday, according to exchange data.

Samsung has sought an extension of one year for receiving incentives under the production linked incentive (PLI) scheme for smartphones, according to officials familiar with the matter. The South Korean electronics company missed out on incentives for one year of its five-year period, which concluded this March.
Under the current PLI scheme for smartphones that started in FY21, the Korean company’s tenure ended on March 31. Samsung failed to receive incentives in the scheme’s second year due to unmet production targets. The company is now requesting an additional year to compensate for the missed period, aiming to secure benefits for a full five years.
“They (Samsung) want to get incentives for five years…we are examining the issue and will decide accordingly,” one official told ET.
Currently, Samsung is expected to receive approximately ₹3,200 crore in incentives for its four-year participation in the scheme, according to officials.
Also Read | Goodbye China, Namaste India! Laptop brands shift production as PLI scheme bears fruit, Trump’s tariffs loom large
The enterprise is currently evaluating options to shift some production from Vietnam to India, considering the US-led tariff disputes. The organisation is assessing potential fiscal incentives available in the current period, according to an official. Whilst Samsung’s scheme tenure has concluded, other PLI scheme participants, including Apple’s vendors, are in their final year.
Additionally, Samsung presently fulfils most US requirements from its Vietnamese facilities, whilst Indian-manufactured devices are shipped to other global markets. The organisation aims to decrease its Vietnamese manufacturing concentration to prevent potential future tariff implications, according to industry specialists.
The US administration had initially imposed 46% tariffs on Vietnam, considerably higher than India’s 26%, due to Vietnam’s substantial trade surplus with the United States. These reciprocal tariffs were subsequently suspended for 90 days.
Following the suspension, both India and Vietnam now face equivalent tariff structures.
Also Read | ‘India a very hot market but…’: Elon Musk-led Tesla says 100% car tariffs make customers anxious
India presents a viable alternative for Samsung’s manufacturing needs. Based on industry data, while Samsung’s Indian facilities can produce 70 million phones yearly, current production stands at 43-45 million units, with 23-25 million serving domestic needs and the remainder going to exports. The company maintains flexibility to boost capacity within two to three months if needed.
In FY25, Samsung’s smartphone exports from India reached ₹30,000 crore ($3.5 billion), compared to Vietnam’s $35 billion, with $10 billion specifically destined for the US market.
“A majority of this ($10 billion) can now be shifted to India in the short term, starting in the current quarter,” said one of the persons cited.
Despite Samsung’s long-standing presence in India and its participation in the smartphone PLI scheme, the company’s export figures have remained unchanged.

Gold prices are hitting lifetime highs and India Inc veterans have been hailing Indian homemakers for their wisdom in storing the yellow metal. In a post on X (formerly Twitter) industrialist Harsh Goenka lauded his wife’s gold investment strategy. This comes at a time when gold prices have crossed the Rs 1 lakh mark.
The RPG group chairman took to X, and shared a conversation with his spouse. The post said, ”10 years ago, I bought a car for ₹8 lakh. She bought gold for ₹8 lakh. Today, the car is worth ₹1.5 lakh. Her gold is worth ₹32 lakh.”
He further added that wives are smarter.
Sharing another conversation, he wrote on X, “I said, ‘Let’s skip gold and go on a vacation?’ She replied, ‘Vacation lasts 5 days. Gold lasts 5 generations.’ I bought a phone for ₹1 lakh. She bought gold. Now, the phone’s worth ₹8,000. Her gold is ₹2 lakh.”
Raj Nayak, an influencer, commented on Goenka’s post, saying,”Gold may last generations. But we don’t.That five day vacation? It turns into stories, smiles, and moments that lights up your soul for a lifetime.The phone might be worth ₹8K now, but that late night call to your son, daughter, or mother… that photo you clicked by the ocean… that memory? Priceless.You can buy what appreciates in value, or you can invest in what makes you feel alive.”
A few days ago Uday Kotak, Founder & Director, Kotak Mahindra Bank had also hailed Indian housewives as the ‘smartest fund managers’. “The performance of gold over time highlights that the Indian housewife is the smartest fund manager in the world. Governments, central banks, economists, who support pump priming, high deficit funding, may need to take a leaf from India, a net importer of store of value forever!,” he wrote on X.
Gold MCX futures have surpassed Rs 1 lakh, marking an unprecedented milestone. Gold continues to serve as a reliable investment during periods of market instability. The rise in gold prices is attributed to global economic uncertainties, growing tensions between China and the US, whilst a declining dollar has further strengthened this upward trend.
Market analysts suggest that current valuations reflect heightened geopolitical risks, influenced by US President Donald Trump’s trade policies and concerns about economic stagnation with inflation. These factors are expected to contribute to additional gains in gold prices.
Global central banks have consistently increased their gold acquisitions over multiple quarters, building their reserves to record levels. Notably, the RBI has been actively purchasing gold and relocating substantial amounts back to Indian territory.