Rupee Closes Stronger Amid Fall In Oil Prices
The Indian rupee closed 77 paise stronger at 85.98 against the US dollar on Tuesday in comparison to its previous close of 86.75 on Monday.
"The Indian Rupee appreciated against the US dollar on Tuesday morning trade boosted by a slump in oil prices as risk appetite recovered following the announcement of a ceasefire between Iran and Israel," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
Rupee remains in an uptrend, trading above the 20-day SMA. The pair is testing key resistance near 86.70. A sustained move above this level could open the door toward 87.20. However, failure to break above and a drop below 85.80 may indicate a potential reversal. For now, the bias remains bullish unless support breaks, said Ritesh Bhanshali, director, Mecklai Financial Service Ltd.
Additionally, the US dollar index extended losses to 99. "Markets now await Fed Chair Powell's testimony for further policy signals.," Bhanshali added.
Brent crude – the global benchmark for crude oil – fell 3.32% to $69.11 after a volatile trading week supported by fears of supply disruption despite Iran maintaining exports. Brent crude broke sharply lower from near $80 to $68, forming a bearish engulfing pattern as geopolitical risk faded. RSI near 50 suggests more downside is possible if $66 support fails, with resistance seen at $72.
The Brent crude had slipped below $59 in May, the lowest level since February 2021. In the last two months crude prices have tumbled to four year low amid US President Donald Trump's tariff wars.
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