The Indian rupee closed stronger against the US dollar on Friday. It strengthened by 26 paise to close at 86.21 against the greenback.
The domestic currency opened strong against the US dollar today, buoyed by a decline in both the dollar index and crude oil prices. The domestic currency appreciated by 18 paise to open at 86.28 against the dollar, after closing at 86.46 on the previous day, as per Bloomberg data.
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The dollar index, which measures the greenback's performance against six major currencies, dropped by 0.53% to 107.474.
During the day crude oil prices were under pressure following comments from U.S. President Donald Trump urging Saudi Arabia to lower prices to help curb Russia's ongoing conflict. Trump also warned of potential sanctions against Russia if the country does not de-escalate the war.
Sriram Iyer, Senior Research Analyst at Reliance Securities, noted that the dollar index began weaker on Friday, following Trump's decision to refrain from imposing aggressive tariffs after his inauguration, which defied market expectations.
Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors, said that ongoing inflows and outflows have contributed to the rupee's volatility, and he anticipates the currency to remain within a certain range.
He also mentioned that Japan's CPI data, released just before the conclusion of the Bank of Japan's meeting, showed higher inflation, exacerbated by the weak yen. Bhansali added that exporters may hold off with a stop-loss at 86.25, as the rupee remains vulnerable to dollar demand, while importers may consider buying on dips.
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