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Rupee retreats as US dollar rebounds amid US-Iran tensions
USD/INR rebounded to around 95.42 after the dollar recovered from a three-week low, while concerns about a prolonged US-Iran conflict weighed on oil importers like India.
The Indian rupee gave back early gains versus the US dollar in Friday’s trading, as USD/INR rebounded to near 95.42 after the US dollar recovered.
FXStreet linked the move to renewed worries that the US and Iran conflict could last longer, following reports that US forces struck additional coastal locations in Iran and that US attacks extended to power and water infrastructure, even as technical talks were said to be ongoing.
The dollar index, the DXY, was quoted near 100.86 after bouncing back from a three-week low of 100.60. FXStreet noted that oil prices extending their correction alongside the geopolitical fears can still pressure currencies from oil importers, a group that includes India.
FXStreet also cited local market context, including that foreign institutional investors turned net sellers on Thursday, offloading shares worth Rs. 532.86 crore, as India’s first-quarter earnings season kicked off with results from Tata Consultancy Services. In FX terms, USD/INR was around 95.45, holding above the 20-day EMA near 95.11, with support cited around 95.11 and 94.69 and a recent resistance level not shown in the provided excerpt.
Latest closeDollar index 100.94 ▼0.1%