The Indian currency rose by 25 paise to 92.95 against the US dollar at the start of trading on Friday. This increase was supported by the Reserve Bank of India’s directive to state-run oil refiners to utilize a special credit line instead of purchasing dollars. The rupee opened stronger following the previous session’s close at 93.20, boosted by positive sentiment in local equities and hopes of reduced geopolitical tensions.
Precious metals like gold and silver experienced a volatile session on Friday. Gold futures for June 5 were priced at Rs 1,53,250, marking a slight increase of Rs 98 or 0.06 percent. Silver futures for May 5 saw a gain of 0.83 percent or Rs 2,088, reaching an intraday high of Rs 2,50,716. Market experts suggest a cautiously positive bias with macro factors lending some support, emphasizing the need for a clear breakthrough above resistance levels to enhance momentum.
Brent crude, the global oil benchmark, traded at $97.99 per barrel, registering a decline of over 1 percent. Meanwhile, US WTI crude dropped by nearly 2 percent to hit an intraday low of $92.91. Geopolitical sentiments improved following reports of a ceasefire between Israel and Lebanon, coupled with expectations of progress in US-Iran talks. In the domestic stock market, benchmark indices commenced trading on a flat-to-positive note, aiding the rupee’s performance.
