Rupee rises 23 paise to 96.65 against US dollar in early trade
Forex traders say rupee opened on a positive note this morning with the dollar index down to 102 levels and Brent also down to $103.39 per barrel
The Indian rupee experienced a 23 paise increase, reaching 96.65 against the US dollar in early trade on Friday. This rise was attributed to a slight decrease in the value of the US dollar and possible intervention by the Reserve Bank of India. Forex traders noted the positive opening of the rupee this morning, with the dollar index dropping to 102 levels and Brent crude prices falling to $103.39 per barrel following US President Donald Trump's statement on Iran.
However, ongoing geopolitical concerns and large foreign fund outflows continue to pressure the domestic currency. The rupee opened at 96.74 on the interbank foreign exchange market, then climbed to 96.65, marking a 23 paise increase from its previous close. On Thursday, the rupee had weakened by 13 paise, closing at 96.88 against the US dollar.
Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP, explained that sustained strength in the US Dollar Index, higher Brent crude prices, and foreign portfolio outflows contributed to the elevated dollar demand among oil marketing companies and importers. Meanwhile, US Dollar Index was slightly lower at 102.03, and Brent crude dipped by 1.09% to $103.14 per barrel.
The Indian stock market also performed well, with the Sensex rising 292 points to 71,876.10 and the Nifty up 84.60 points to 22,310.40. Foreign Institutional Investors (FIIs) sold equity shares worth ₹12,943.58 crore on a net basis on Thursday.
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