Rupee Closes Stronger As Dollar Index, Brent Crude Prices Cool
The rupee closed 24 paise stronger at 86.88 against the US dollar.
The Indian rupee closed stronger on Friday as a continued decline in the US dollar index and crude-oil prices offered relief amid persistent selloff by global funds.
The local unit strengthened by 24 paise to 86.88 against the US dollar, according to Bloomberg data. The domestic unit closed at 87.12 on Thursday.
The dollar index weakened, dropping to a low of 103.65 on Friday. Crude oil prices have tumbled by 15% from their recent peak.
The domestic indicators have shown resilience. Despite a rebound in services PMI and the Reserve Bank of India's fresh liquidity push, the rupee's appreciation has remained subdued due to tight liquidity conditions in the banking system, according to Amit Pabari, managing director of CR Forex Advisors.
In 2025 so far, the overseas investors have net sold equities worth Rs 1.34 lakh crore, the NSDL data showed.
The Brent crude was up 1.6% at $70.57 a barrel as of 04:31 p.m. IST, and the West Texas Intermediate was also up 1.6% at $67.42.
