Geopolitical calm, RBI support push rupee up 18 paise to 96.18

Mumbai: The rupee strengthened 18 paise to 96.18 against the U.S. dollar in early trade on Friday, supported by a slight cooling in crude oil prices, tentative signs of easing geopolitical tensions, and active intervention by the Reserve Bank of India.

Forex traders said sentiment improved after U.S. Secretary of State Marco Rubio indicated that diplomatic talks linked to the Iran situation were moving in a constructive direction. The comments offered markets some relief after weeks of uncertainty.

The dip in global crude prices also helped the Indian currency, as lower oil costs reduce pressure on the country’s import bill. Market participants noted that the RBI continued to step in to curb volatility, providing additional support to the rupee during morning trade.

Analysts expect the currency to take further cues from global oil movements and developments in ongoing diplomatic negotiations.