Rupee advances: Gains 13 paise to 85.92 vs US dollar in early trade; rises for second day amid ceasefire hopes
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The Indian rupee extended its gains for a second consecutive session on Wednesday, rising 13 paise to 85.92 against the US dollar in early trade, buoyed by hopes of a lasting ceasefire between Israel and Iran and strong cues from domestic equities.
At the interbank foreign exchange, the local unit opened at 86.00 and soon strengthened to 85.92, up from the previous close of 86.05, reported news agency PTI.
On Tuesday, the rupee had logged its sharpest single-day rise in nearly five years, surging 73 paise after Brent crude prices tumbled amid news of a US-brokered truce between the two Middle Eastern nations.
However, Wednesday's gains were partially capped by a modest rebound in global oil prices and persistent foreign fund outflows.
Brent crude, which had declined over the last two sessions, rose 1.30% to USD 68.01 per barrel in futures trade.
Rahul Bhansali, a forex market expert, was quoted by PTI as saying, 'Brent oil prices rose slightly after falling in the last two sessions with focus squarely on whether a US-brokered ceasefire between Israel and Iran will hold or not. The White House was also close to announcing a few more trade deals that raised the optimism for risky assets.'
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Bhansali added that the dollar 'struggled to regain lost ground' on Wednesday, with investors seizing the opportunity to take on more risk amid the improved geopolitical climate. The dollar index, which measures the US currency's strength against a basket of six currencies, was up marginally by 0.06% at 97.91.
In the equity markets, a strong opening also aided rupee sentiment. The Sensex jumped 426.79 points to 82,481.90 in early trade, while the Nifty advanced 123.25 points to 25,167.60.
Still, foreign institutional investors (FIIs) remained net sellers, pulling out Rs 5,266.01 crore on Tuesday, according to stock exchange data.
Earlier on Tuesday, the rupee had rebounded sharply by 75 paise to close at 86.03 after having plunged to a five-month low of 86.78 on Monday.
Market watchers believe that while the truce has stabilised sentiment, the rupee's trajectory will remain sensitive to oil price fluctuations, foreign flows, and global interest rate expectations.
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