Rupee Rises Against US Dollar on Oil Price Drop

Mumbai, Oct 24 (PTI) The rupee rose 9 paise to 87.79 against the dollar in early trade on Friday, bolstered by a drop in global crude oil prices and optimism around an India-US trade deal.

However, FII outflows prevented sharper gains, forex traders said.

At the interbank foreign exchange, the rupee opened at 87.78 against the US dollar before dropping marginally to 87.79, down 9 paise from its previous close.

The rupee appreciated 5 paise to close at 87.88 against the US dollar on Thursday.

"The Reserve Bank of India was again present at 87.95 yesterday (Thursday), ensuring that the rupee does not cross 88.00 level and the rupee closed with optimism of a US-India trade deal at its peak. Global sentiment remains mixed as oil prices move higher," Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP, said.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.08 per cent higher at 99.01.

Brent crude, the global oil benchmark, was trading lower by 0.55 per cent at USD 65.63 per barrel in futures trade.

"After gaining more than 5 per cent on Thursday due to US sanctions on two Russian oil companies exports (which account for over 5 per cent of the total world oil output), Brent oil prices were stable at USD 65.63 per barrel and set for its biggest weekly gain since June 2025. Prices are higher by 7 per cent on a weekly basis, reflecting one of the most significant weekly rebounds in about 4 months," Bhansali added.

On the domestic equity market front, Sensex declined 153.18 points to 84,403.22 in early trade while the Nifty was down 51.1 points to 25,840.30.

Foreign Institutional Investors sold equities worth Rs 1,165.94 crore on Thursday, according to exchange data.