The Indian rupee praised the $13.60 stake in early Friday trading at 13 Pas to 86.60 for global crude oil prices and weaker greenback declines.
The recycling comes after the currency lost 30 pence on Thursday, settling at a price of 86.73 (the lowest closure level in two months), marking a cumulative three-day drop of 69 pence.
On the interbank forex exchange, the rupee opens at a rate of 86.65, then accounts for 86.60.
Commenting on the outlook, Treasury Head and Executive Director Anil Kumar Bhansali told PTI, “The uncertainty of the Iran-Israel conflict remains, with U.S. President Donald Trump lasting for two weeks and the U.S. president sold two weeks of deals on 86.35-65-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-5-Right now, the rupee can now appreciate the 85.50–85.75 levels in July if hostilities ease.”
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He further advised importers to postpone hedging, while also advised exporters to make profits at 86.85–86.90. Bhansali added: “Foreign portfolio investors have been marginal net buyers in the past three courses, and despite tensions in the Middle East, most sales have been largely stable in mid- and small-cap stocks.”
The U.S. dollar index tracks U.S. currency pairs of six major peers, down 0.31% to 98.59.
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Stock Market Summary
In terms of stocks, the Indian market is open with soft notes amid weak global sentiment. The NSE Nifty50 fell slightly by 0.25% in 24,793, while the BSE Sensex rose to 81,381.11 at 19.25 points. Bank Nifty index rose 0.26%.
Among commodities, Brent crude futures fell to 2.46% per barrel, providing some relief for import-dependent economies like India.
In the broader market, the Nifty Midcap 100 and SmallCap 100 index are mixed, with the small-cap index in red. Foreign institutional investors purchased shares worth Rs 93.462 crore on a net basis on Thursday, according to exchange data.
