Rupee Opens Higher At 92.95 Against US Dollar In Early Trade

The Indian rupee appreciated by 25 paise to 92.95 against the US dollar during early Friday trade in Mumbai.

Improved sentiment followed reports that the Reserve Bank of India advised state-run oil refiners to utilise a special credit line instead of purchasing dollars from the market.

The currency opened stronger compared to its previous close of 93.20, supported by gains in domestic equities and expectations of easing geopolitical tensions.

Strength in the US dollar across global markets limited additional appreciation in the rupee, keeping its movement restrained.

Gold and silver futures witnessed fluctuating trends during the session. Gold futures for June rose slightly to ₹1,53,250, after touching an intraday high of ₹1,53,301 and a low near ₹1,53,010.

Silver futures for May performed better, advancing by 0.83 per cent to reach an intraday high of ₹2,50,716, while also recording a lower level around ₹2,49,300.

Experts in the commodities market indicated that the overall outlook remains cautiously optimistic due to supportive macroeconomic conditions. They added that a decisive breakout above resistance levels would be necessary to strengthen momentum.

For silver, analysts observed that although macro factors provide support, the trend still requires confirmation. This is needed to establish a sustained upward movement.

Global oil benchmarks declined during the day, with Brent crude trading at $97.99 per barrel, down by more than 1 per cent. Similarly, WTI crude slipped nearly 2 per cent to an intraday low of $92.91.

Market sentiment improved after reports suggested a ceasefire between Israel and Lebanon. Expectations of progress in negotiations between the United States and Iran also supported it.

Domestically, benchmark equity indices opened on a steady-to-positive note, lending further support to the rupee.

A mix of RBI intervention, easing global tensions, and stable domestic markets supported the rupee’s rise. External factors, however, continue to influence its direction.

Also Read: Crude Oil Prices Fall Up To 2% On Easing West Asia Tensions