Rupee gains slightly to cap week clouded by Middle East conflict
The Indian rupee ended modestly higher on Friday but fell for a second consecutive week as the conflict between Iran and Israel remained the key driver for global markets and kept energy prices elevated, pressuring oil-sensitive currencies in Asia.
ADVERTISEMENT The rupee ended at 86.5850, up from its close of 86.7225 in the previous session. It was down nearly 0.6% on the week.
While escalating tensions in the Middle East kept risk appetite under pressure for much of the week, markets found some relief on Friday after U.S. President Donald Trump pushed back a decision on U.S. military involvement in the Israel-Iran war.
Brent crude oil prices declined more than 2% on the day after rallying to a five-month high of $79.04 per barrel earlier in the week.
Most equity gauges in Asia logged gains, with India's benchmark equity indexes, the BSE Sensex and Nifty 50 , rising 1.3% each. Analysts pointed out that oil prices and the Middle East conflict would likely remain the key drivers for FX markets in the near term. On the day, the dollar index was a tad lower at 98.6 but was on course for a weekly gain.
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"The FX market has taken the somewhat lower probability of the U.S. intervening in Iran already this weekend as an opportunity to re-enter USD short positions, especially against European currencies," ING Bank said in a note.
"This confirms that a constant flow of oil-positive, risk-negative geopolitical news is needed to keep the dollar supported," the note added.
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For the rupee, meanwhile, traders will also gauge the extent of portfolio inflows that a large IPO scheduled next week will draw. Sizeable inflows could help the rupee hold ground above the 86.50 mark while a sharp rise in crude oil prices could build momentum for a fall below 87, a trader at a foreign bank said.
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