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The Indian rupee opened stronger on Wednesday, September 17, at Rs 87.82 against the US dollar. The opening was up by 23 paise against the previous close at Rs 88.09, appreciating 7 paise intraday. 

This is the currency's best start in the past two weeks' session. It is the first time in two weeks that the rupee opened below the 88 mark.

Analysts said that the rupee is likely to face resistance around 88.20. Despite support from bilateral trade talks, a decisive break below 87.90 could open the way toward 87.50 or to 87.20, they said.

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Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 96.73, higher by 0.11 per cent. Emerging market currencies, including the rupee, have gained support as reports suggest that the US economy is on the verge of recession.

Renewed discussions between India and the United States on trade have likely boosted the sentiments around the rupee. Optimism about these talks has contributed to the currency's strengthening.

: Stock Market Opening Bell: Markets open firm with Sensex at 82,641 and Nifty at 25,316 after India-US talks

The US Federal Reserve entered into a two-day policy meeting on Tuesday, where it’s widely expected to cut interest rates. This expectation has weakened the US dollar globally, providing support to emerging market currencies like the rupee. 

Recently, the US job market has sharply weakened, and the unemployment rate increased to 4.3 per cent in August 2025. There were only 22,000 jobs added in August, which was far below the expected 75,000 jobs. This slowdown in the US job market has increased the likelihood of the US Federal Reserve cutting interest rates.

Investors are keeping a close watch on the US Federal Reserve’s policy meeting, with the expectation of an interest rate cut. This may impact capital flows and currency values globally, making it a critical time for traders.

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Currently working as a trainee Sub-Editor at Zee Business, Shristi Rani is passionate about storytelling and delivering content that engages diverse audiences across digital platforms.

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