The currency staged a solid recovery after touching an intraday low of 95.28 against the greenback. Gains were reinforced by a 1.03 percent decline in Brent crude futures alongside positive momentum in the benchmark Sensex and Nifty indices. This upward traction materialized even as foreign institutional investors pulled a net Rs 943.60 crore from domestic shares in the previous session.
Key points
Market analysts project the currency will maintain a trading range between 94.80 and 95.3…: Market analysts project the currency will maintain a trading range between 94.80 and 95.35 in the near term.
Geopolitical tensions in the Middle East and potential oil price spikes represent persist…: Geopolitical tensions in the Middle East and potential oil price spikes represent persistent threats to currency stability.
The International Monetary Fund emphasized that exchange rate flexibility must remain Ind…: The International Monetary Fund emphasized that exchange rate flexibility must remain India's primary defense against energy-related shocks.
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Forex traders said both the currency and the bond market found additional support from softer crude oil prices and the central bank's intervention.
At the interbank foreign exchange market, the rupee opened at 95.21, then gained ground and touched an intraday high of 94.94 and a low of 95.28 against the American currency and finally closed at 94.93 (provisional), registering a gain of 33 paise over its last close.
On Thursday, the rupee consolidated in a narrow range and ended 2 paise higher at 95.26 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 101.66, lower by 0.37 per cent.
Brent crude, the global oil benchmark, was trading lower by 1.03 per cent at USD 114.13 per barrel in futures trade.
On the domestic equity market front, Sensex climbed 308.49 points to settle at 74,459.53, and Nifty rose 116.35 points to 23,053.10.
"We expect the rupee to trade with a slight negative bias on geopolitical tensions in the Middle East after the US warned its allies to…
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