The Indian rupee weakened against the US dollar on Friday, pressured by volatility in domestic equity markets and a rebound in global crude oil prices.

Traders appeared to overlook positive economic commentary, including NITI Aayog Vice-Chairman Suman Bery’s statement that India’s economy, in purchasing power parity (PPP) terms, has reached a size of $15 trillion—over half the size of the US economy.

Additionally, Amardeep Singh Bhatia, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), noted that foreign direct investment (FDI) surged to a three-year high of $81 billion in 2024-25 and is likely to increase further.

Globally, the Japanese yen strengthened against major currencies in the Asian session after Tokyo’s core inflation data exceeded expectations, raising the likelihood of a 25 basis point rate hike by the Bank of Japan (BoJ) in July.

By market close, the rupee stood at RS. 85.55 (Provisional), down by 07 paise from Thursday’s close of RS. 85.48. During the day, the currency traded between a high of RS. 85.64 and a low of RS. 85.25.