The rupee surged eight paise to close at 88.08 (provisional) against the USD on September 16, 2025. The movement today largely mirrors the talks between India and the US on the proposed trade agreement to remove flaws amid steep tariffs imposed by the Trump-led administration. Forex traders reasoned positive domestic markets and a weak US dollar as the force behind the rupee’s rally today. The USD is trading at a two-month low amid the much-awaited FOMC meeting and worsening US economic data. The rupee began at 88.05, slipped to an intraday low of 88.16, surged to a high of 88.01 against the USD, and finally settled at 88.08.