By News Desk 
The Indian rupee has emerged as a strong performer in the currency markets, reaching its highest level in five months on Wednesday. This gain is particularly notable as most other Asian currencies, including those of Pakistan and China, have struggled or remained flat against the US dollar.
Rupee Rises Despite Global Currency Pressure
According to Bloomberg, while the Pakistani rupee declined during April—marking a drop of over 1% over the past five months—China’s yuan remained largely unchanged during the same period. In contrast, the Indian rupee appreciated by 38 paise to settle at 84.58 (provisional) against the dollar, supported by positive expectations surrounding a bilateral trade agreement and strong foreign institutional investment (FII) inflows.
Currency market analysts noted that investor confidence improved after US President Donald Trump remarked that trade discussions with India were progressing well. However, market sentiment was somewhat dampened by ongoing geopolitical tensions between India and Pakistan, along with weakness in domestic equities.
Intraday High and Five-Month Peak
The rupee opened at 85.15 in the Interbank Foreign Currency Exchange Market and surged to an intraday high of 84.47 before settling at 84.58. This marks the rupee’s strongest performance since November 29. A day earlier, on Tuesday, the rupee had already posted gains, closing 27 paise higher at 84.96 against the dollar.
During a media interaction before leaving for a Michigan rally marking 100 days of his second term, President Trump expressed optimism over trade negotiations with India. “India is doing very well. I think we’ll have a deal soon. Prime Minister Modi was here three weeks ago, and he’s eager for it,” he said.
Dollar Index and Global Market Trends
Meanwhile, the US Dollar Index—which tracks the dollar against a basket of six major currencies—rose 0.20%, reaching 99.44. Brent crude prices fell by 0.81% to $63.73 per barrel in international trading.
On the domestic front, the equity market showed mild weakness. The 30-share BSE Sensex slipped 46.14 points (0.06%) to close at 80,242.24, while the Nifty ended almost flat at 24,334.20, down 1.75 points (0.01%). According to exchange data, FIIs made net purchases worth ₹2,385.61 crore on Tuesday.
High-Level Security Discussions in Wake of Terror Attack
Amid rising geopolitical tensions, the Cabinet Committee on Security (CCS), chaired by Prime Minister Narendra Modi, met on Wednesday to assess the security situation in Jammu and Kashmir. This comes in the aftermath of the April 22 terrorist attack in Pahalgam that claimed 26 lives.
The meeting, held at the PM’s residence on Lok Kalyan Marg, followed high-level military briefings a day earlier. During those discussions, the Prime Minister reportedly gave armed forces full operational freedom regarding the nature, scope, and timing of India’s response.
Defence Minister Rajnath Singh, Home Minister Amit Shah, and External Affairs Minister S. Jaishankar were also present at the CCS meeting.