The rupee showed relative stability against the US dollar in the inter-bank market during the early trading hours on Friday.

At 10am, the rupee was trading at Rs279.45, reflecting an increase of Re0.01 against the dollar.

On Thursday, it had closed at 279.46.

The local currency had closed at Rs279.47 on Wednesday.

On Friday, the Japanese yen surged to a 2.5-month high due to a significant increase in Japanese inflation. Meanwhile, the US dollar was poised for its third consecutive weekly decline as traders assessed that Donald Trump’s second term has primarily been filled with empty promises regarding tariffs.

The euro rose 0.8% overnight and remained stable in Asia at $1.0498, with traders awaiting the German election this weekend, where polls indicate a likely victory for a conservative coalition.

The US dollar faced widespread losses as traders who had previously taken large long positions in anticipation of a trade war stepped back, while Trump remained noncommittal about tariffs.

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Last month, the local currency showed a slight improvement against the greenback, appreciating by 0.07% in the inter-bank market during Wednesday’s opening trading hours.

Gold prices rose on Monday as the US dollar weakened, with investors awaiting further details on US President Donald Trump’s tariff plans, which could escalate global trade tensions.