• Spot rupee closed at 85.37/38 to a dollar level after opening at 85.48/49 level. The rupee rose to a high of 85.3375/3475 level on continued dollar selling by FIIs. Markets are closed tomorrow for Good Friday. Equity market benchmarks surged for the fourth consecutive day. BSE Sensex gained 1.9 while NSE Nifty 50 gained 1.8.
• DXY is trading lower at 99.49 level. The USD index is trending steadily lower as markets wind up for a long week end.
• EURUSD is trading steady at higher levels ahead of the ECB Governing Council Meeting decision on monetary policy today. Traders expect the ECB to cut its key repo rate by 25 bps.
• Data from Germany showed that Producer Prices dropped unexpectedly by 0.2 y/y in March 2025, reversing a 0.7 rise in February and missing market forecasts of a 0.4 gain. On a monthly basis, the PPI fell by 0.7, marking the fourth straight month of decline, the steepest falls since December 2023, following a 0.1 drop in the previous three months and missing the market consensus of a 0.1 drop.
• Important data releases scheduled today: EZ: ECB Governing Council meeting decision; UK: BOE Credit conditions survey; US: Weekly Unemployment claims; Philly Fed Mfg. index; Housing starts; Building Permits;

Rupee opened 20 paisa higher at 85.48 levels, amid FII’s flows into domestic market, as money is likely to move towards emerging markets like India due to trade war between global leaders.

DXY is trading is trading at 99.50 level. In a speech on Wednesday, Fed Chair Jerome Powell warned that tariffs could fuel inflation and slow growth, complicating the Fed’s dual mandate of price stability and maximum employment. Powell also signaled that the Fed is in no rush to cut interest rates, citing the need for more clarity before making any policy moves. Meanwhile, investors awaited signs of potential trade negotiations between the US and China, with Beijing reportedly open to talks under certain conditions.