Rupee falls 49 paise to 86.09 against dollar on Israel-Iran conflict
The Indian rupee depreciated 49 paise to close at 86.09 against the US dollar on Friday, weighed down by a surge in oil prices and strong dollar following Israel's attack on Iran.
The local currency opened at 86.15 as against Thursday's close of 85.6. It fell to a low of 86.19 but recovered towards the closing. The rupee crossed the 86-mark for the first time in nearly three weeks.
'The Indian Rupee has experienced a notable depreciation against the US dollar and is one of the worst performers among Asian currencies. This decline is primarily attributable to substantial outflows of foreign funds, a pervasive risk-averse market sentiment, elevated global crude oil prices, and the strengthening of the US dollar as a safe-haven asset after Israel air strike on Iran,' Dilip Parmar, Senior Research Analyst, HDFC Securities said.
Israel has struck Iranian nuclear targets, including Iran's primary uranium enrichment facility.
The escalation in the Middle East tensions pushed WTI crude prices above $74, marking a 9 per cent surge, which added significant pressure on the rupee, said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
The near-term market attention will be directed towards geopolitical developments over the weekend and the impending monetary policy decisions by three major central banks next week.
'The bias for the USD/INR pair remains supportive, driven by sustained haven demand for the US Dollar and anticipated dollar demand from oil importers. Technically, the pair has support at 85.40, while resistance is observed in the range of 86.25 to 86.45,' Parmar said.
Meanwhile, domestic equity market indices, Sensex and Nifty, declined on Friday amid heightened tensions in the Middle East.
The BSE's 30-share Sensex lost 0.7 per cent, or 573.38 points, to close at 81,118.6. The index had tanked 1337.39 points to touch an intraday low of 80,354.59.
The broader Nifty fell 0.68 per cent, or 169.6 points, to finish at 24,718.6.
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