New Delhi: The Indian currency on Thursday afternoon rose sharply boosted by a slump in crude oil prices. The retreat in oil prices lifted the Asian currencies including the rupee.
Pairing initial losses, the Indian currency settled higher by 23 paise at 94.26 (provisional) against the greenback on Thursday, as Brent crude and US dollar index retreated from their elevated levels.
At the interbank foreign exchange market, the rupee witnessed high volatility. It opened at 94.77 against the US dollar, registering a fall of 28 paise over its previous close.
In intraday trade, the USD/INR pair touched an intraday low of 94.90 and a high of 94.08 against the American currency.
The rupee finally settled at 94.26 (provisional), registering a rise of 23 paise over its previous close.
On Wednesday, the rupee appreciated 69 paise to close at 94.49 against the US dollar.
A pullback in oil prices would offer much needed relief for India, the world’s third-largest importer, and the rupee.
Meanwhile, Gold prices also surged largely influenced by international gold rates. The price of 24K gold at ₹153,050 per 10 grams, reflecting a gain of ₹600 compared to its previous close. Meanwhile, 22K gold is at ₹140,296 per 10 grams.
Gold prices have fallen by over 10% since the start of the US-Iran standoff, which began in late February. For further cues markets will look out for US employment data due for Friday.
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