Rupee began Friday on a strong note, rising 65 paise to 95.20 against the US dollar in early trade, supported by falling global crude oil prices and indications from US President Donald Trump that a deal with Iran could be reached soon.According to forex traders, the currency also drew support from a weaker US dollar and upbeat sentiment at Dalal Street. At the interbank foreign exchange market, rupee opened at 95.40 against the greenback and extended its gains to trade at 95.20. The recovery came a day after the local unit had tumbled 60 paise to settle at 95.85 against the US currency on Thursday.“The rupee opened stronger on Friday, fuelled by a sharp retreat in global crude oil prices. This relief comes in the wake of statements from US President Donald Trump indicating an imminent deal with Iran and the cancellation of planned military strikes,” Aamir Makda, Commodity & Currency Analyst, Commodity Technical Research, Choice Broking, said.“We expect the rupee… to maintain a positive bias between 95 and 95.30 throughout the day. While the Reserve Bank of India (RBI) has recently rolled out a series of aggressive measures to stimulate dollar inflows and defend the local currency, Thursday’s slide below pre-intervention levels underscores the relentless pressure on the rupee,” Makda said.Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six major currencies, slipped 0.11% to 99.75.Global crude prices also remained under pressure, with Brent crude futures, the international oil benchmark, declining 1.07% to $89.41 per barrel.Domestic equities traded firmly higher in early deals, adding to the positive mood in financial markets. The Sensex climbed 921.30 points to 74,753.85, while the Nifty advanced 254.20 points to 23,417.25.Separately, exchange data showed that foreign institutional investors remained net sellers in Indian equities on Thursday, offloading shares worth Rs 1,987.09 crore.
