MUMBAI, India — The Indian rupee strengthened slightly Monday, gaining 10 paise to open at 92.83 against the U.S. dollar, supported by easing geopolitical concerns and measures by the Reserve Bank of India, even as global oil prices surged sharply.
The dollar index, which tracks the greenback against a basket of six major currencies, rose 0.37 percent to 98.27.
Currency analysts said the rupee’s near-term outlook remains tilted toward appreciation, though geopolitical developments could complicate the trend.
“A sustained move above 93 could extend gains toward the 93.5–93.7 range, while 92.3 remains immediate support and 92 a stronger base,” analysts said.
Despite the rupee’s gains, global crude oil prices climbed closer to the $100-per-barrel mark amid renewed tensions in West Asia. Brent crude rose as much as 7.18 percent during intraday trade to $96.87 per barrel, while U.S. West Texas Intermediate crude jumped 8.76 percent to $91.20.
On the Multi Commodity Exchange, crude oil followed global trends, rising 6.72 percent to Rs 8,289 per barrel.
The rally in oil prices was driven by fresh statements from Iran indicating tighter control over the Strait of Hormuz, a vital route for global energy shipments, along with warnings that the waterway could again face disruptions.
In contrast, precious metals came under pressure. Gold and silver both fell nearly 2 percent in early trading.
Gold futures on the Multi Commodity Exchange were trading at Rs 1,52,968 per 10 grams, down about 1.06 percent, after hitting a low of Rs 1,52,829. Analysts said the metal managed to hold above the Rs 1,52,000 level due to buying interest at lower prices, with a potential upside toward Rs 1,57,000–1,58,000 if it breaks above Rs 1,55,000.
Silver futures dropped roughly 2 percent to Rs 2,52,100 per kilogram, with resistance seen between Rs 2,55,000 and Rs 2,60,000. A breakout above that range could push prices toward Rs 2,68,000–2,70,000, while a fall below Rs 2,48,000 may lead to further declines.
In international markets, gold fell 1.34 percent to $4,814 per ounce, while silver declined 2.25 percent to $80 per ounce, reflecting broader pressure on precious metals amid shifting global market dynamics. (Source: IANS)
