Rupee extends gains on weak dollar, crude oil prices; opens at 87.76/$

Indian Rupee today: The domestic currency opened six paise higher at 87.76 against the greenback on Friday

The Indian Rupee extended its momentum for the third day on Friday amid a continuous decline in crude oil prices and a dip in the dollar index. 

 

The domestic currency opened six paise higher at 87.76 against the greenback on Friday, according to Bloomberg. The currency is at its highest level in a month and is still down 2.53 per cent so far this year. On Wednesday, the currency posted its strongest single-day gain in almost four months. 

 

The Indian rupee rose to 87.82 on Thursday on the back of foreign portfolio inflows, but opened weaker today after India denied reports of any commitment to former US President Donald Trump on halting Russian oil purchases, analysts said. The clarification has cast uncertainty over the anticipated trade treaty, though discussions continue.

   

India's foreign ministry said that it's unaware of a conversation between Trump and Indian Prime Minister Narendra Modi, hours after the US leader claimed the Indian leader had pledged to stop buying Russian oil.

 

Exporters are likely to sell near intraday highs, while importers may look to buy on dips, as the Reserve Bank of India was reportedly active at lower levels, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, said. Meanwhile, a risk-off sentiment across Asia has weighed on earlier optimism, he added. 

 

Meanwhile, Sanjay Malhotra, RBI governor, continued to reiterate that the central bank does not target any specific level for the rupee, and the currency value is guided by market forces and macroeconomic fundamentals. 

 

“Our effort really is to ensure that there is an orderly movement of the rupee, both sides, and any undue or any abnormal volatility is curbed,” he said while speaking at the International Monetary Fund’s Governor Talks session in Washington.

 

The Dollar Index extended its fall, reflecting broad weakness in the greenback against major peers. The measure of the greenback against a basket of six major currencies was down 0.15 per cent at 98.18.

 

In commodities, crude oil prices fell to their lowest since May 2025 following a larger-than-expected increase in the US crude inventories and continuing US Shutdown. Brent crude price was lower by 0.23 per cent at 60.92 per barrel, while WTI crude prices were down 0.26 per cent at 57.32 per barrel, as of 9:09 AM IST.