The Indian Rupee closed in the positive on Friday after a three-day fall as all the global markets reacted to the latest events in the Middle East, and also looked forward to additional inflows of foreigners. The statistics showed that the rupee appreciated by 14 paise to end at 86.59 to the US dollar, as compared to its last close of 86.73. Besides this recovery, the rupee has declined by 1.17 per cent till now this month.
Other Asian currencies also recorded mild advances in the session, as the South Korean won was the currency that recorded the highest gains. The movement surfaced against a charged geopolitical background, with American President Donald Trump declaring that he would take two weeks to decide on possible military retaliation against Iran. The White House still insists that it is an option to negotiate with Iran and that Trump has yet to decide whether to offer a helping hand to Israel. In the meantime, Israel claimed to have destroyed almost fifty per cent of Iranian missile-launchers and said that its operations could lead to the end of the Iranian regime.
In the commodity world, international oil costs exhibited raging patterns. Brent crude dropped 1.94 per cent to $77.32 per barrel and West Texas Intermediate (WTI) crept up by 1.09 per cent to stand at $75.96 as of 3:35 PM IST. The US dollar index that monitors the performance of the dollar against six major currencies fell by 0.16 per cent to 86.59.
Analysts also feel that this temporary de-escalation phase in the Middle East, not to mention positive signs of a new negotiation, gave currency markets a breather and thus the rupee has picked up some strength. The market is, however, still treading with caution with conditions centred on the expectation of documents coming out of Washington and Tel Aviv in the weeks to follow.
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