Rupee Rallies Despite Oil Price Surge to $100.8

The Indian rupee staged a recovery on Friday, rising 22 paise against the US dollar despite Brent crude breaching the $100-a-barrel mark. The currency had opened weakly at 96.81 in the interbank foreign exchange market before strengthening to 96.51.

Traders attributed the softer US dollar and possible RBI intervention via state-owned banks for the rupee's gain, but noted that foreign institutional investor outflows and domestic equities weakness capped further gains.

Brent crude prices remained elevated at $100.8 per barrel in futures trade after the US military announced a 13th consecutive night of strikes against Iran amid escalating tensions in the Middle East.