FIIs bought equities worth ₹ 2,952.33 crore on a net basis on April 25, 2025, according to exchange data. File
| Photo Credit: The Hindu

The rupee appreciated 38 paise to close at 85.03 (provisional) against the U.S. dollar on Monday (April 28, 2025), supported by sustained foreign fund inflows, easing crude oil prices and a bullish trend in domestic equities.

Forex traders said strong domestic fundamentals, such as rising forex reserves also boosted investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 85.29 and moved between the intra-day high of 84.96 and the low of 85.42 against the greenback. The unit ended the session at 85.03 (provisional), registering a gain of 38 paise over its previous closing level.

On Friday (April 25, 2025), the rupee settled lower by 8 paise at 85.41 against the U.S. dollar.

Forex traders said a steady rise in reserves enhances India’s import cover, providing a crucial buffer against external shocks and lending stability to the rupee.

However, the rupee could face pressure amid any escalation in tensions between India and Pakistan as geopolitical uncertainties like these tend to drive investors toward safer assets, causing outflows from emerging markets and weakening local currencies like the rupee.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.13% at 99.60.

Brent crude, the global oil benchmark, fell 0.46% to $66.56 per barrel in futures trade.

“The Indian rupee struck a confident pose at the start of the week, emerging as the top performer among its Asian counterparts. A swift recovery in domestic equities from Friday’s (April 25, 2025) dip, propelled by steady foreign investment and a calm geopolitical landscape, provided significant tailwinds,” Dilip Parmar, Research Analyst, HDFC Securities said.

Further buttressing the rupee’s ascent was India’s expanding foreign exchange reserves, coupled with a stable performance from the dollar index, Parmar said, adding that for the immediate future, the USD-INR pair is likely to find support at 84.90 and resistance at 85.70.

In the domestic equity market, the 30-share BSE Sensex jumped 1,005.84 points or 1.27% to 80,218.37, while the Nifty advanced 289.15 points or 1.20% to 24,328.50.

Foreign institutional investors (FIIs) bought equities worth ₹ 2,952.33 crore on a net basis on Friday (April 25, 2025), according to exchange data.

Meanwhile, India’s forex reserves jumped $8.31 billion to $686.145 billion for the week ended April 18, the RBI said on Friday (April 25, 2025).

This is the seventh consecutive week of a rise in the kitty, which had jumped by $1.567 billion to $677.835 billion in the week ended April 11. Forex reserves had touched an all-time high of $704.885 billion at end-September 2024.

Starting May 1, 2025, the Reserve Bank of India‘s (RBI) updated framework for ATM transaction charges will come into force, bringing changes to free transaction limits, charges for additional transactions, and interchange fee structures across the country.
Under the new guidelines, customers will be entitled to a set number of free ATM transactions each month—three in metropolitan areas and five in non-metropolitan regions. These free transactions include both financial and non-financial activities.
Once customers exceed their monthly free transaction limits, banks will be allowed to charge up to Rs 23 per transaction, with applicable taxes added. These charges apply to both financial and non-financial transactions and extend to usage at Cash Recycler Machines (CRMs), excluding cash deposits.
Several major banks, including HDFC Bank, Punjab National Bank (PNB), and Kotak Mahindra Bank, have already begun notifying customers of the changes.
According to HDFC Bank, “With effect from 1st May 2025, the ATM transaction charge rate beyond free limits will be revised from Rs 21 + taxes to Rs 23 + taxes, wherever applicable.” The bank clarified that at HDFC Bank ATMs, only cash withdrawals beyond the free limit will incur charges, while non-financial transactions remain free. However, at other banks’ ATMs, both financial and non-financial transactions will be counted toward the free transaction limit.
PNB also announced revisions, stating, “Customer charges for transactions over and above free limits at other banks’ ATMs are revised to Rs 23 per financial transaction and Rs 11 per non-financial transaction (excluding GST) with effect from 9th May 2025.”
IndusInd Bank, too, has updated its policy: “All Savings, Salary, NRI, and Current Account customers will be charged Rs 23 per transaction for ATM cash withdrawals at non-IndusInd Bank ATMs beyond free limits, effective 1st May 2025.”
As these changes take effect, customers are advised to:

Also read: India committed to reforms, says RBI governor
The RBI’s move aims to streamline ATM usage charges while encouraging the adoption of digital banking alternatives.
Reserve Bank of India data revealed cash withdrawals decreased from over 57 crore transactions in January 2023 to 52.72 crore in January 2024, with a further reduction to 48.83 crore by January 2025. Despite this trend, cash continues to play a vital role in India’s economy. The 2021 fee adjustment supported ATM infrastructure expansion.
The average monthly ATM withdrawals in FY24 stood at Rs 1.43 crore, reflecting a 5.51 per cent yearly growth. NPCI communications detailed a Rs 7 interchange fee for balance enquiries in Nepal and Bhutan, exclusive of GST, whilst retaining current cash withdrawal rates. These updated charges exclude Micro-ATMs, interoperable cash deposits, and international ATM operations.

Gold bars are stacked in a vault. File
| Photo Credit: AP

Gold prices on Monday (April 28, 2025) declined ₹391 to ₹94,601 per 10 grams in futures trade amid muted spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for June delivery traded lower by ₹391 or 0.41% to ₹94,601 per 10 grams in a business turnover of 17,572 lots.

Analysts attributed the fall in gold prices to weak global cues.

In the international markets, gold futures declined 0.99% to $3,286.89 per ounce in New York.