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Rupee Rise: Hostilities between the US and Iran have reignited, causing a sharp rise in crude oil prices. Amidst this, the Indian rupee has demonstrated resilience.

Rupee Rise Against US Dollar: The conflict between the US and Iran—which had seen a 60-day ceasefire implemented recently—has resumed. While the ceasefire had offered a brief respite, the renewed fighting has heightened tensions. Even as crude oil prices climb, the Indian rupee has managed to assert its strength.

Rupee Strengthens

The resumption of hostilities has led to a rise in crude oil prices and a strengthening of the dollar. Despite this, the Indian rupee strengthened by 1 paisa against the US dollar on Thursday, closing at 95.47. However, the day began on a weak note for the rupee; it opened at 95.52 per dollar, down 4 paise from the previous trading session.

Continued Volatility

During the trading session, the currency fluctuated between 95.28 and 95.58, eventually closing at 95.47. Previously, on Wednesday, the rupee had closed at 95.48 after a significant drop of 52 paise. Analysts attribute the rupee's support to potential intervention by the Reserve Bank of India (RBI) and dollar selling by public sector banks. Nevertheless, rising crude oil prices and a strong dollar continue to exert pressure on the rupee.

Meanwhile, the Dollar Index—which measures the dollar's strength against six major global currencies—rose by 0.01% to reach 100.77. Concurrently, the price of Brent crude oil increased by 0.46%, hovering near $78.40 per barrel. The domestic stock market witnessed gains on Thursday. The Sensex closed 238.22 points higher at 76,741.82, and the Nifty rose 80.75 points to close at 23,962.80.