Rupee Hinges on Oil Prices Ahead of US Jobs Report

The Indian rupee may open lower on Friday due to rising oil prices and concerns about US interest rates. Brent crude has climbed around 4% in recent days, reaching near $84 a barrel amid renewed tensions over the Strait of Hormuz.

The Reserve Bank of India's policy actions and direct market intervention have played a key role in determining the currency's trajectory, with the rupee having moved past the 95-per-dollar mark. However, oil-related risks are back in focus, and traders say the currency's direction will again depend on the extent of RBI support.

The US jobs report is due later in the day, which could provide clues about the health of the labor market and influence the Federal Reserve's next policy move. The unemployment rate is expected to hold steady at 4.2%, but higher oil prices have fueled concerns that inflation risks may prompt a rate hike.