Rupee closes 3 paise lower at 85.57 amid weak equities

The Indian rupee weakened slightly to 85.57 against the US dollar due to negative equity market sentiment, rising crude oil prices, and a widening trade deficit, despite strong foreign capital inflows. India’s trade deficit widened to a five-month high in April, with imports surging. However, foreign exchange reserves rose, driven by a jump in gold assets.