Indian rupee strengthens against US dollar in early trade on Friday
The partially convertible currency is currently trading at 92.74, stronger by 40 paise from its previous close of 93.14 on Thursday
The Indian rupee strengthened against the US dollar in early trade on Friday amid hopes of easing geopolitical tensions, and crude oil prices retreating below $100 per barrel. In the latest development on the geopolitical front, China has asked Tehran to ensure the freedom and safety of navigation through the Strait of Hormuz, a key international trade route. Meanwhile, US President Donald Trump announced that the leaders of Israel and Lebanon agreed to a 10-day ceasefire following meetings in Washington, potentially boosting peace efforts to end the war involving the US, Israel and Iran. Firm domestic equity markets and renewed interest from Foreign Institutional Investors (FIIs), who became net buyers of Rs 382.36 crore on Thursday, further bolstered the local currency.
The partially convertible currency is currently trading at 92.74, stronger by 40 paise from its previous close of 93.14 on Thursday. The currency touched a high and low of 92.9375 and 92.7150 respectively.
