Indian rupee nudges up to 94.78 per dollar amid oil price surge
The rupee rose 3 paise to 94.78 against the US dollar in early trade, while crude oil prices stayed elevated and foreign investors pulled back.
During early Friday trading the rupee edged up to 94.78 per US dollar, marking a modest 3-paise increase from its previous close of 94.81. Market participants pointed to ongoing macroheadwinds such as a firm global dollar and Brent crude trading near $113 per barrel as sources of pressure on the currency. The dollar index rose slightly to 101.64, reflecting broader greenback strength.
Foreign investors, seeking safe-haven assets, reduced exposure to Indian equities, offloading about ₹3,458.70 crore on the prior day. Despite the currency move, Indian stock markets posted gains, with the Sensex climbing 343.48 points to 73,592.87 and the Nifty adding 41.65 points to 22,729.30. Anil Kumar Bhansali of Finrex Treasury Advisors noted the cautious stance of foreign fund flows amid elevated US Treasury yields.
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