Indian Rupee Strengthens Against US Dollar Despite Middle East Uncertainty
The Indian Rupee appreciated by 2 paise against the US Dollar to close at ₹95.20, despite global market uncertainty driven by Middle East tensions and rising crude oil prices.
Prasanth Subramani
The Indian Rupee strengthened by 2 paise against the US Dollar on Friday, closing at ₹95.20 despite continued uncertainty in global financial markets.
According to forex traders, investor sentiment remained cautious due to ongoing uncertainty surrounding discussions involving Iran and Oman over the Strait of Hormuz, along with a sharp rise in global crude oil prices. The developments increased concerns about energy supplies and their potential impact on the global economy.
In the interbank foreign exchange market, the Rupee opened at ₹95.27 against the US Dollar and traded within a range of ₹95.19 to ₹95.28 during the session. It eventually settled at ₹95.20, gaining 2 paise compared with the previous trading day's close.
In the previous session, the Indian currency had weakened by 14 paise to close at ₹95.22 against the US Dollar.
Market participants will continue to monitor geopolitical developments in the Middle East, movements in crude oil prices, global currency trends, and foreign capital flows, as these factors are expected to influence the Rupee's performance in the coming trading sessions.
