The rupee pared initial losses and edged up 7 paise to close at 85.55 against the US dollar on Thursday, following a weak greenback against major crosses overseas and a decline in US treasury yields.

The new tax law, dubbed by many as the Trump remittance tax, which comes into effect on July 4, 2025, imposes a one percent levy levy on remittances made by non-US citizens through cash, money orders, ...