Rupee Gains 10 Paise Amid Oil Volatility; Gold, Silver Slip Nearly 2%

Mumbai — The Indian rupee strengthened by 10 paise on Monday, opening at 92.83 against the US dollar, supported by easing geopolitical concerns, softer crude trends earlier, and continued backing from the Reserve Bank of India.

The US Dollar Index, which tracks the greenback against a basket of six major currencies, edged higher to 98.27, marking a 0.37% gain.

Market experts indicated that if the rupee sustains beyond the 93 mark, it could move toward the 93.5–93.7 range. On the downside, 92.3 is seen as immediate support, with 92 acting as a stronger base. Analysts noted that the near-term outlook favours a modest appreciation trend, though geopolitical developments remain a key variable.

In the commodities space, crude oil prices surged sharply, nearing the $100-per-barrel level amid renewed tensions in West Asia. Brent Crude rose over 7% during intraday trade to touch $96.87 per barrel, while West Texas Intermediate jumped nearly 9% to $91.20 per barrel.

The rally was triggered after Iran signalled tighter control over the Strait of Hormuz — a crucial global oil transit route — raising concerns about supply disruptions.

Domestic markets reflected the global trend, with crude oil on the Multi Commodity Exchange (MCX) climbing 6.72% to ?8,289 per barrel.

Meanwhile, precious metals came under pressure. Gold and silver both declined by nearly 2% in early trade on the MCX. Gold futures hovered around ?1,52,968 per 10 grams, down over 1%, though buying interest near ?1,52,000 provided some support. Analysts suggest that a move above ?1,55,000 could push prices toward the ?1,57,000–?1,58,000 range.

Silver futures were trading around ?2,52,100 per kg, down about 2%. Resistance is seen in the ?2,55,000–?2,60,000 band, while a break below ?2,48,000 could drag prices toward ?2,40,000 levels.

Globally, precious metals also remained weak, with COMEX gold slipping 1.34% to $4,814 per ounce and silver falling 2.25% to $80 per ounce, reflecting broader pressure across commodity markets.

With inputs from IANS