๐ฅ๐๐ฝ๐ฒ๐ฒ ๐๐ฎ๐ถ๐ป๐ ๐ฎ๐ฌ ๐ฃ๐ฎ๐ถ๐๐ฒ ๐ง๐ผ ๐ฆ๐ฒ๐๐๐น๐ฒ ๐๐ ๐ต๐ฑ.๐ฐ๐ญ ๐๐ด๐ฎ๐ถ๐ป๐๐ ๐จ๐ฆ ๐๐ผ๐น๐น๐ฎ๐ฟ
The Indian rupee snapped its losing streak on Tuesday. The currency rose 20 paise to close at 95.41 against the US dollar.
Forex traders cited multiple factors for the gain:
- Crude oil prices eased and the US dollar weakened
- Investors hoped for a pause in hostilities between the US and Iran
- Domestic stock markets posted gains
- US Treasury yields softened
- The Reserve Bank of India likely intervened in the market
The rupee opened at 95.47. It touched an intraday high of 95.23 and a low of 95.67. On Monday, the rupee fell 43 paise to close at 95.61.
Anuj Choudhary of Mirae Asset ShareKhan expects the rupee to trade with a negative bias. He cited uncertainty from the West Asia war. He set a trading range of 95.10 to 95.80 for the USD-INR spot price.
The dollar index fell 0.24% to 99.80. Brent crude dropped 2.04% to $92.33 per barrel.
Dilip Parmar of HDFC Securities said the rupee drew strength from improved risk appetite. He noted debt market inflows resumed after recent RBI measures. Parmar sees resistance at 95.80 and support at 94.70.
Domestic equities closed higher. The Sensex added 394.50 points to end at 73,918.76. The Nifty rose 119.10 points to finish at 23,242.10. Foreign institutional investors sold equities worth Rs 4,566.03 crore.
RBI data showed a current account surplus of $7.1 billion, or 0.7% of GDP, for the January-March quarter of 2025-26. The surplus was $13.7 billion, or 1.4% of GDP, in the same quarter last year. For the full fiscal year 2025-26, the current account deficit hit $25.2 billion, or 0.6% of GDP. The deficit stood at $22.9 billion, or 0.6% of GDP, a year earlier.
US President Donald Trump urged Israeli Prime Minister Benjamin Netanyahu not to retaliate against recent Iranian missile attacks. Trump warned retaliation would derail peace efforts. He also called on Iran to return to negotiations.