Rupee Stagnant Amid Strait of Hormuz Uncertainty
The Indian rupee ended flat at 95.22 against the US dollar on Friday due to heightened risk aversion caused by uncertainty over a deal between Iran and Oman regarding the Strait of Hormuz.
Fragile negotiations have been ongoing, leading to volatility in global markets. The rupee traded in a narrow range of 95.19-95.28 at the interbank foreign exchange before settling at 95.20, a 2-paise gain from its previous close.
Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, expects the rupee to trade with a slight negative bias due to ongoing uncertainty over the deal. He noted that markets may remain volatile over any decision made over the weekend.
The dollar index was trading at 99.90, down 0.02%, while Brent crude oil prices were lower by 0.23% at $82.30 per barrel in futures trade.