- Indian rupee strengthened due to RBI directive on dollar purchases.
- Rupee opened stronger amid positive equity sentiment, global factors.
- Gold prices showed minor fluctuations, silver futures gained.
The Indian currency strengthened by 25 paise to 92.95 against the US dollar in early trade on Friday, supported by easing pressure on the currency after the Reserve Bank of India (RBI) reportedly asked state-run oil refiners to use a special credit line instead of buying dollars.
The domestic currency opened stronger after closing at 93.20 in the previous session, amid improved sentiment in local equities and hopes of easing geopolitical tensions.
However, the currency remained somewhat constrained by a firm US dollar in global markets.
Meanwhile, precious metals — gold and silver — witnessed a choppy session on Friday.
Gold futures (June 5) were trading at Rs 1,53,250, up Rs 98 or 0.06 per cent. The yellow metal touched an intraday high of Rs 1,53,301, rising Rs 149 or 0.09 per cent, while at the lower end, it slipped to Rs 1,53,010, down Rs 142 or 0.09 per cent.
On the other hand, silver futures (May 5) gained 0.83 per cent or Rs 2,088 to hit an intra-day high of Rs 2,50,716. The white metal touched an intraday low of Rs 2,49,300, up Rs 672 or 0.27 per cent.
According to commodity market experts, the bias remains cautiously positive, with macro factors offering some support. “However, a decisive move above resistance levels is needed to strengthen momentum further,” they said.
For silver, they added that the tone remains cautious, with macro factors providing support, though momentum is still developing and requires confirmation for a sustained uptrend.
Meanwhile, Brent crude — the global oil benchmark — traded at $97.99 per barrel, down more than 1 per cent.
Similarly, US WTI crude fell nearly 2 per cent to an intraday low of $92.91.
On the geopolitical front, sentiment improved after reports of a ceasefire between Israel and Lebanon, along with expectations of progress in the US-Iran talks.
In the domestic equity market, benchmark indices opened on a flat-to-positive note, lending support to the rupee.
(Disclaimer: This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
