The Indian rupee strengthened by 10 paise against the US dollar on Monday, opening at 92.83. This rise was supported by a significant drop in crude oil prices, optimism regarding reduced geopolitical tensions, and supportive measures from the Reserve Bank of India (RBI).
Currency market experts suggest that if the rupee sustains a move above Rs 93, it could potentially reach the Rs 93.5-Rs 93.7 range. On the other hand, Rs 92.3 serves as immediate support, with Rs 92 acting as a stronger base for the currency.
Analysts point out that the current near-term outlook favors rupee appreciation despite ongoing geopolitical complexities.
Global crude oil prices surged on Monday, nearing the $100-per-barrel mark due to escalating tensions in West Asia. Brent crude futures, the international benchmark, rose by as much as 7.18% to hit $96.87 per barrel during intraday trading.
The US West Texas Intermediate (WTI) crude also saw a significant increase, climbing 8.76% to $91.20 per barrel. This upward trend in oil prices was mirrored on the Multi Commodity Exchange (MCX), where crude oil advanced by 6.72% to reach Rs 8,289 per barrel.
