Image used for representational purpose.
| Photo Credit: Reuters

The rupee consolidated in a narrow range and settled for the day 2 paise lower at 85.25 (provisional) against the U.S. dollar on Tuesday (April 29, 2025), on recovery in the U.S. dollar and geopolitical tensions between India and Pakistan.

However, positive domestic markets and a decline in crude oil prices cushioned the downside for the domestic unit.

Also read | Rupee rises 27 paise to 84.96 against U.S. dollar in early trade

At the interbank foreign exchange, the domestic unit opened at 85.06 and moved between the intra-day high of 84.96 and the low of 85.40 against the greenback. The unit ended the session at 85.25 (provisional), registering a fall of 2 paise over its previous closing level.

On Monday, the rupee appreciated 18 paise to close at 85.23 against the U.S. dollar.

“We expect the rupee to remain under pressure amid uncertainty over trade tariffs and the ongoing geopolitical tensions between India and Pakistan,” said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan.

Meanwhile, nearly 50 public parks and gardens located in vulnerable areas of Kashmir Valley have been shut as a precautionary measure in the wake of the Pahalgam terror attack, officials said on Tuesday.

Gates have been closed at 48 of the 87 public parks and gardens in Kashmir in view of the threat perception to tourists, they said.

They said the security review was an ongoing process and more locations may be added to the list in the coming days.

Besides, the Union Cabinet will be meeting on Wednesday for the first time since the April 22 terror attack in Pahalgam that left 26 people dead.

Mr. Choudhary noted that positive tone in the domestic markets and foreign fund inflows may support the rupee at lower levels and traders may take cues from job openings and labour turnover survey (JOLTS) and CB consumer confidence data from the U.S.

Also read: ‘India would be one of first trade deals we sign’: U.S. Treasury Secretary

“USD-INR spot price is expected to trade in a range of 84.90 to 85.60,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.16% at 99.17.

Brent crude, the global oil benchmark, fell 1.64% to $64.78 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex advanced 70.01 points or 0.09% to close at 80,288.38, while the Nifty rose 7.45 points or 0.03% to settle at 24,335.95.

Foreign institutional investors (FIIs) bought equities worth ₹ 2,474.10 crore on a net basis on Monday, according to exchange data.

On the domestic macroeconomic front, India’s industrial production growth remained almost flat at 3% in March sequentially, though, on a year-on-year basis, it slipped from 5.5%, mainly due to poor performance of the manufacturing, mining, and power sectors.

Meanwhile, U.S. Treasury Secretary Scott Bessent has said that India is likely to be among the first countries to finalise a bilateral trade agreement with the U.S. to avert reciprocal tariffs by President Donald Trump.

Mr. Bessent made these remarks on Monday during an interview with CNBC’s Squawk Box’ to discuss the latest developments on President Trump’s trade negotiations with other countries.

Union Commerce and Industry Minister Piyush Goyal (right) meets with U.K. Secretary of State for Business and Trade Jonathan Reynolds (left). File
| Photo Credit: ANI

Commerce and Industry Minister Piyush Goyal, who is in London on a two-day visit, focused on bilateral trade and investment ties during his interaction with a range of senior business leaders to explore the potential for greater collaborations with the U.K..

After a meeting with U.K. Business and Trade Secretary Jonathan Reynolds to advance the ongoing Free Trade Agreement (FTA) negotiations, Mr. Goyal held talks with Revolut Chair Martin Gilbert with a fintech focus and De Beers Group CEO Al Cook with a focus on “global trends in the gems and jewellery sector” on Monday (April 28, 2025).

“Exchanged views on the immense opportunities in India’s fintech ecosystem and the importance of partnerships with global players to drive innovation and growth,” Mr. Goyal posted on social media after meeting Mr. Gilbert.

“We discussed India’s opportunities, sustainable practices, and growth prospects for the diamond industry,” the Minister said about his meeting with Mr. Cook.

These one-on-one discussions were followed by an interaction with a CEO’s delegation travelling from India, including Federation of Indian Chambers of Commerce and Industry (FICCI), Senior Vice-Chairman Anant Goenka, and past presidents Harsh Pati Singhania and Rajan Bharti Mittal.

“Interacted with members of the Indian business delegation over dinner. Discussed the robust growth of our industry and avenues for greater collaboration with the U.K. for mutual prosperity,” said Mr. Goyal.

On Tuesday (April 29), the Minister will meet U.K. Chancellor Rachel Reeves, among other senior officials.

All eyes are on the FTA negotiations, which were re-launched in February following a pause for general elections last year.

They are aimed at clinching a deal that is expected to significantly enhance the estimated £41 billion a year India-U.K. trade partnership.

“This government is committed to doing the right deal with India, which will improve access for U.K. businesses, cut tariffs, and make trade cheaper and easier,” a U.K. Department for Business and Trade (DBT) spokesperson said.

NEW DELHI: The much-awaited Mumbai-Ahmedabad bullet train project will be ready for operations by 2028, Maharashtra chief minister Devendra Fadnavis announced on Monday, while also revealing that the state aims to raise $50 billion from international investors to accelerate infrastructure development.
“By 2028, we will be able to travel in the bullet train,” Fadnavis said while speaking at an event on the India-Middle East Europe Economic Corridor (IMEEC) project.
He acknowledged that Gujarat has made faster progress on the project and attributed delays in Maharashtra to the previous state government.
Without naming Shiv Sena (UBT) chief Uddhav Thackeray, Fadnavis said the project had suffered during the two-year rule until 2022. “After the new government came to power, we gave necessary approvals and work started rapidly,” he added.
The Mumbai-Ahmedabad high-speed rail corridor is being built with Japanese assistance at an estimated cost of $15 billion.
Fadnavis criticised the earlier Maha Vikas Aghadi (MVA) government, claiming the bullet train project was halted for two and a half years under their leadership. “If we are investing Rs 70,000 to Rs 80,000 crore on bullet trains and stopping the work for 2.5 years, who will have to bear the cost of the interest that is incurred?” he questioned.
Highlighting the state’s infrastructure goals, Fadnavis said Maharashtra is targeting a $1 trillion Gross State Domestic Product (GSDP), and infrastructure development is crucial to achieving that. He said $30 billion was invested during his earlier term (2014–19) and larger amounts are now being deployed in key projects.
Among the major developments planned is the Vadhavan port, which is expected to be operational within the next 3–4 years. Built on reclaimed land, the port will also feature an adjoining airport developed through land reclamation in the sea.
“Many major cities in the world have such airports,” Fadnavis said, asserting that the infrastructure will significantly reduce logistics costs. The port will also include a halt for the bullet train.
Fadnavis further announced that a highway from Nashik to the Vadhavan port is underway, connecting 17 districts to the new maritime hub. He also spoke about the Shaktipeeth highway, which aims to link Nagpur to Goa via backward regions of the state, thereby giving a push to regional economic development.
Reinforcing Maharashtra’s role in the IMEEC project, Fadnavis assured that Mumbai and the state would create a strong enabling ecosystem. Speaking at the same event, PwC India chairperson Sanjeev Krishan said the IMEEC, when integrated with existing trade corridors, will create a “multiplier effect” on the global economy.