Indian rupee strengthens 25 paise to 92.95 as RBI moves to curb dollar demand from oil importers
The Indian rupee strengthened by 25 paise to 92.95 against the US dollar after the RBI reportedly curbed dollar demand from oil firms, helping ease pressure on the currency amid mixed global cues.
Mumbai: The Indian rupee strengthened by 25 paise to 92.95 against the US dollar in early trade on Friday, supported by easing pressure in the foreign exchange market after the Reserve Bank of India (RBI) reportedly moved to curb dollar demand from state-run oil refiners.
According to market sources, the RBI has advised state-owned oil marketing companies to rely on a special credit line instead of directly purchasing US dollars, a step aimed at stabilising the Indian rupee against the dollar and reducing volatility in the forex market.
The domestic currency had closed at 93.20 in the previous session.
Rupee gains on improved market sentiment
Forex traders said the rupee was also supported by:
- Positive momentum in domestic equity markets
- Easing geopolitical tensions
- Slight improvement in global risk sentiment
However, gains were capped due to a firm US dollar in international markets, keeping pressure on emerging market currencies.
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Gold and silver prices remain volatile
In the commodities market, gold and silver prices in India witnessed a volatile session on Friday.
- Gold futures (June 5): ₹1,53,250 (+₹98 / +0.06%)
- Intraday high: ₹1,53,301
- Intraday low: ₹1,53,010
- Silver futures (May 5): ₹2,50,716 (+0.83% / +₹2,088)
- Intraday low: ₹2,49,300
Market experts said the outlook for precious metals remains cautiously positive, though a clear breakout above resistance levels is needed for stronger momentum in the bullion market.
Crude oil prices ease amid ceasefire hopes
Global crude oil benchmarks slipped, supporting currency sentiment:
- Brent crude: $97.99 per barrel (down over 1%)
- US WTI crude: fell nearly 2%, touching $92.91 intraday low
The decline in global crude oil prices came amid reports of a ceasefire between Israel and Lebanon and expectations of progress in US–Iran talks, easing geopolitical risk premiums.
Forex outlook supported by equities and oil trends
Analysts said the Indian rupee outlook remains linked to:
- RBI forex management measures
- Crude oil price movements
- US dollar strength in global markets
- Domestic equity market performance
Benchmark Indian stock indices opened flat-to-positive, further supporting short-term sentiment for the rupee.
IANS
Published: 17 Apr 2026, 12:04 pm IST
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