The Indian rupee opened 3 paise higher at 92.39 against the US dollar in early trade on Tuesday, recovering from recent pressure after two Indian LPG-carrying oil tankers were released by Iran on Monday, easing some of the energy supply disruptions that had persisted for two weeks.
The improvement in global risk sentiment provided limited support, though traders remain cautious and are closely watching for potential intervention by the Reserve Bank of India (RBI) to shore up the currency.
The rupee had dived to an intraday low of 92.48 on March 16 but recovered to close at 92.42 the previous day. Traders attributed the rebound to aggressive dollar-selling by the RBI.
Brent crude, the international benchmark, continued to trade above $100 a barrel, though investor sentiment improved slightly after Iran allowed some ships — including India-bound vessels — to pass through the Strait of Hormuz.
There are also expectations that more oil reserves will be released by International Energy Agency (IEA) member countries in the coming days.
Traders on Tuesday remained positive about the RBI’s intervention in stabilising the rupee at or below the 92.50 mark to prevent a sharp sell-off, as the currency continues to stay vulnerable to any sudden surge in crude prices.
The rupee’s movement reflects a delicate balance between easing supply concerns and lingering geopolitical risks in West Asia that could quickly reverse gains.
This comes as the broader market continues to monitor the Iran conflict closely for any fresh developments that could impact energy flows and currency stability.
Also read: Sensex gains 470 pts, Nifty up by 60 pts in early trade
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