Indian Rupee Gains Ground Against USD Amid Record GST

The Indian rupee made strong gains against the US dollar on Friday, supported by robust domestic equity performance, positive global sentiment, and hope about a possible US-India trade deal.

A key driver of the upbeat mood was April's record GST collection, which reached ₹2.37 lakh crore — a 12.6% rise from the same month last year. This record helped further boost investor confidence in the Indian economy.

The entry of foreign capital further contributed to the appreciation of the rupee, with the foreign institutional investor buying equities worth ₹50.57 crore and domestic institutional investor buying stocks worth ₹1,792.15 crore on April 30, 2025.

Institutional markets also benefited due to positive sentiment generated by consistent US-China trade tariff negotiations.

Inspired by these factors, the rupee strengthened by 69 paise, closing at 83.85 per US dollar, higher than its previous close of 84.54. During intraday trading, it swayed in a range of 83.76 to 84.0025.

All in all, a combination of strong economic indicators and strong investor inflows helped the rupee appreciate significantly.