The Indian rupee opened flat on Monday, November 11, supported by renewed optimism from U.S. President Donald Trump regarding an upcoming trade deal with India. The local currency began trading at ₹88.6950 against the U.S. dollar, nearly unchanged from its previous close of ₹88.6987.
Market sentiment received a mild boost after President Trump hinted at a possible reduction in tariffs imposed on Indian goods. Speaking to reporters, Trump said, “We’re going to bring down the tariffs… At some point, we’re going to be bringing them down.”
The comments come amid ongoing trade negotiations between New Delhi and Washington. Earlier this year, the U.S. administration raised tariffs on several Indian exports to as high as 50%, partly to pressure India to curb its imports of Russian crude oil.
Trump’s latest remarks signal a shift in tone, as he acknowledged that India has “substantially reduced” its purchases of Russian oil. He also expressed confidence in progress toward a comprehensive trade deal with India, noting, “They’ve stopped doing the Russian oil – it’s been reduced very substantially.”
Analysts say Trump’s optimistic comments have provided short-term support for the rupee, which has otherwise been under pressure from global uncertainty and rising U.S. yields. Traders are now watching for further developments in the India-US negotiations, which could shape the rupee’s trajectory in the weeks ahead.