The Indian rupee appreciated 50 paise to 92.56 against the US dollar in early trade on Wednesday, driven by the announcement of a two-week ceasefire between the US and Iran. This move triggered a wave of bargain buying in risk assets, with Asian stocks, Dow futures, gold, and silver rallying, while Brent oil fell below $100 to $96 per barrel.
At the interbank foreign exchange market, the rupee opened at 92.92 and gained ground to touch 92.56, registering a gain of 50 paise over its previous close of 93.06. The RBI’s monetary policy announcement, expected at 10 am, is now in focus, with investors tracking the central bank’s outlook on inflation, growth, and currency stability.
“The tone of the policy will be closely tracked, especially given the rapidly changing global environment,” said CR Forex Advisors MD Amit Pabari. The dollar index was down 0.90% at 98.96, while Brent crude traded lower at $95.42 per barrel. The Sensex and Nifty indices surged 3.39% and 3.32%, respectively, in early trade.
