Hyderabad: The rupee strengthens against the US dollar, gaining 25 paise to trade at 92.95 in early trade on Friday.
The domestic currency opened higher after closing at 93.20 in the previous session. Improved sentiment in local equities and easing geopolitical tensions supported the movement.
Moreover, reports said the Reserve Bank of India asked state-run oil refiners to use a special credit line instead of buying dollars. This move helped reduce pressure on the currency.
Rupee strengthens amid RBI measures and market support
However, a firm US dollar in global markets limited further gains. Despite this, the rupee maintained a positive trend during early trading hours.
Meanwhile, gold and silver prices showed mixed movement. Gold futures for June 5 traded at ₹1,53,250, up ₹98, while touching a high of ₹1,53,301 and a low of ₹1,53,010.
On the other hand, silver futures for May 5 rose 0.83 per cent to reach ₹2,50,716. The metal also recorded an intraday low of ₹2,49,300.
Commodity experts said the overall bias remains cautiously positive. However, they noted that prices need to break resistance levels to gain stronger momentum.
In the energy market, Brent crude traded at $97.99 per barrel, down over 1 per cent. Similarly, US WTI crude fell nearly 2 per cent to $92.91.
Geopolitical sentiment improved following reports of a ceasefire between Israel and Lebanon. In addition, expectations of progress in US-Iran talks supported market outlook.
Domestic equity markets opened on a flat-to-positive note, further lending support to the rupee.