Rupee Holds Steady Amid Strait of Hormuz Deal Uncertainty

The Indian rupee remained stable against the U.S. dollar on Friday, August 7, but with an overall negative bias due to uncertainty over a deal between Iran and Oman regarding the Strait of Hormuz.

Forex traders attributed the risk aversion in global markets to the ongoing negotiations and a recent jump in crude oil prices, which weighed heavily on investor sentiments.

The rupee opened at 95.27 against the dollar and traded within a range of 95.19-95.28 before settling at 95.20, up just 2 paise from its previous close of 95.22.

Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, commented that markets may remain volatile over the weekend and any decision could impact the rupee's performance.