The rupee closed at 95.22 (provisional) on Friday, a 2‑paise rise from its previous close. Traders cited heightened risk aversion caused by fragile negotiations between Iran and Oman over the Strait of Hormuz, coupled with an overnight jump in crude oil prices.
In the interbank market, the rupee opened at 95.27 and traded within a narrow band of 95.19 to 95.28 before settling at 95.20 (provisional). The narrow range reflected the market’s cautious stance.
On Thursday the rupee had slipped 14 paise, closing at 95.22. The recent drop set the stage for the modest rebound seen on Friday.
Research analyst Anuj Choudhary warned that the rupee might trade with a slight negative bias as uncertainty over the Iran‑Oman deal lingers. He added that any positive news could lift the currency, while a negative turn could push it lower. Traders are also watching the U.S. non‑farm employment report, which could influence the USD‑INR range of 95 to 95.60.
The dollar index stood at 99.90, down 0.02 percent, indicating a modest weakening of the greenback. Brent crude futures slipped 0.23 percent, trading at $82.30 per barrel, reflecting global oil market softness.
On the equity front, the Sensex fell 455.59 points to 78,499.17, while the Nifty dropped 65.35 points to 24,570.65. Foreign institutional investors sold equities worth Rs 17.86 crore on a net basis, according to exchange data.
Overall, the rupee’s small gain comes amid a backdrop of global risk‑aversion, oil price movements, and upcoming U.S. economic data, leaving markets poised for volatility over the weekend.