Mumbai: The Indian rupee gained 10 paise on Monday, opening at 92.83 against the US dollar, buoyed by a significant decline in crude oil prices, optimism around easing geopolitical tensions, and supportive measures from the Reserve Bank of India (RBI).
The dollar index — which measures the greenback against a basket of six major currencies — rose to 98.27, up 0.37 per cent from the previous close.
According to the currency market experts, a sustained move above Rs 93 could extend the upside toward the Rs 93.5-Rs 93.7 range, while Rs 92.3 acts as immediate support and Rs 92 as a stronger base.
“The near-term structure leans toward appreciation of the rupee with complicating geopolitical tensions,” analysts said.
Meanwhile, global crude oil prices surged sharply on Monday, moving closer to the $100-per-barrel mark as tensions in West Asia intensified once again. Brent crude futures — the international benchmark — climbed as much as 7.18 per cent during intraday trade to touch a high of $96.87 per barrel.
Similarly, the US West Texas Intermediate (WTI) crude also posted strong gains, rising 8.76 per cent to $91.20 per barrel.
Crude oil on the Multi Commodity Exchange (MCX) mirrored the global trend, advancing 6.72 per cent to Rs 8,289 per barrel.
The broad-based rally across oil benchmarks was triggered by fresh remarks from Iran, which said it was tightening its grip over the Strait of Hormuz, a critical artery for global energy supplies and warned that the strategic waterway had once again been shut to maritime traffic.
In contrast, gold and silver opened under pressure on Monday, with both precious metals falling by nearly 2 per cent in early trade.
On the Multi Commodity Exchange (MCX), gold futures (June 5) were trading at Rs 1,52,968 per 10 grams at 9:50 am, down 1.06 per cent or Rs 1,641. The yellow metal has touched a low of Rs 1,52,829 and a high of Rs 1,53,251.
According to commodity market experts, MCX gold opened with a slight gap-down but managed to hold above the Rs 1,52,000 level due to increased buying interest at lower levels. If it moves above Rs 1,55,000, it could rise towards Rs 1,57,000–1,58,000.
Meanwhile, silver futures (May 5) were trading at Rs 2,52,100 per kg, down about 2 per cent or Rs 5,045. The white metal has touched a low of Rs 2,52,016 and a high of Rs 2,54,089.
On silver, analysts said it opened gap-down and is holding around Rs 2,52,000. Resistance is seen at Rs 2,55,000–2,60,000, and a breakout above this range could push prices to Rs 2,68,000–2,70,000.
On the downside, a break below Rs 2,48,000 may take it to Rs 2,44,000–2,40,000 levels, they added.
In the international markets, gold and silver remained under pressure. COMEX gold was down 1.34 per cent at $4,814 per ounce, while COMEX silver fell 2.25 per cent to $80 per ounce.
(IANS)
