Rupee Snaps Two-Day Rally to Settle at 94.60 Against US Dollar

The Indian rupee faced a slight setback on Tuesday, ending a two-session winning streak to settle 2 paise lower at 94.60 against the US dollar. Despite a backdrop of easing global crude oil prices and geopolitical optimism, domestic currency volatility persisted due to shifting capital flows.

Market Volatility and Daily Trading Range

After gaining significant ground over the previous two sessions—climbing 67 paise on Friday and 60 paise on Monday—the rupee opened at 94.69 against the greenback on Tuesday. Throughout the interbank foreign exchange market session, the currency fluctuated within a range of 94.48 to 94.71. It ultimately settled at 94.60, marginally down from its previous close of 94.58. This minor correction comes even as the US Dollar Index, which measures the greenback against a basket of six major currencies, remained marginally lower at 99.61.

A significant driver for the rupee's recent resilience has been the de-escalation of tensions in West Asia. The expected US-Iran peace framework agreement, which involves a formal signing in Switzerland led by US Vice President JD Vance, has boosted market sentiment. This diplomatic progress is expected to lead to the reopening of the Strait of Hormuz, a critical global energy shipping route.

The impact of this stability is visible in the energy markets. Brent crude, the global oil benchmark, saw a 1.68 per cent decline, trading at $81.77 per barrel. For India, which relies on imports for nearly 90 per cent of its oil requirements, lower crude prices serve as a vital support mechanism for the domestic currency.

FII Outflows Cap Rupee's Gains

While the broader equity markets showed strength—with the BSE Sensex rising 544.15 points to 76,808.48 and the NSE Nifty gaining 135.25 points to 23,989.15—the rupee faced headwinds from the capital markets. Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth Rs 749.18 crore during the session. This outflow of foreign capital acted as a primary cap on the rupee's ability to sustain its recent rally.

専門家の見通し：レジスタンスおよびサポート水準

市場アナリストは、USD-INRの推移について慎重ながらも強気な見方を維持しています。Mirae Asset ShareKhanのリサーチアナリスト、Anuj Choudhary氏は、スポット価格が94.10から94.90の範囲内で推移すると予想しています。

テクニカル水準を見ると、HDFC SecuritiesのDilip Parmar氏は、スポット水準がサポート水準である94.10に向かう可能性があるとして、短期的には下落傾向にあることを示唆しています。一方で、95.20が強固なレジスタンス水準として機能すると予想され、ルピーに対するドルの大幅な上昇修正を制限することになると指摘しています。

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