The Indian rupee opened 13 paise higher at 95.26 against the US dollar on Friday, 10 July, supported by softer crude oil prices and a broadly weaker US dollar. However, traders remained cautious as the ongoing US-Iran conflict continued to weigh on market sentiment.
So far this week, the domestic currency has traded in a 95.60–94.96 range, with renewed military exchanges between the US and Iran weighing on the rupee. Expectations of intervention by the Reserve Bank of India (RBI), however, helped limit further downside.
Meanwhile, heightened geopolitical tensions have kept crude oil prices volatile. Brent crude fluctuated between $71 and $80.50 per barrel during the week and was last trading at around $76.34 per barrel, down nearly 2% from the previous session after a sharp rally.
