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Commodities

Indian Rupee Trades Flat Amid Oil Price Volatility

Guavy AI Editorial Team
Instruments
Oil
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The Indian Rupee (INR) has opened flat at around 95.40 against the US Dollar (USD) on Friday, as investors await fresh cues regarding the reopening of the Strait of Hormuz.

Oil prices have been influenced by the closure of the Strait of Hormuz and the Bab al-Mandab Strait, which together account for almost 27% of global energy supply. As a result, oil prices have seen a slight decline in the past two days after reaching a fresh weekly high at Rs. 8,075 on Tuesday.

According to TD Securities, the recent loss of steam in the rally has been attributed to 'easing near-term momentum' and 'modest selling in WTI crude on the day.' However, the bank's commodity strategists continue to highlight that fundamental tightness across crude and product markets should ultimately support further upside.

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