INR vs USD, April 17: Indian rupee strengthens to 92.6 against US dollar amid positive global cues

At 12:02 am (IST), the Indian rupee was trading 0.39% lower as the currency strengthened to 92.654 against the US dollar, compared to 93.025 levels at the previous currency market close, according to Investing.com data on Friday.

According to a PTI report, foreign traders were buying Indian equities which in turn supported the domestic currency amid the constant pressure from the dollar demand in the market.

NSE data showed that on Thursday, the foreign investors purchased a total of ₹382.36 crore worth of assets in the capital markets segment due to the improving sentiment and the lower oil prices boosting investors confidence for emerging market investments.

The news report also highlighted that the Indian rupee opened at 92.93 against the US greenback, before strengthening further during the day.

The rupee was also trading higher on the backdrop of the lower oil prices in the market, as the Brent crude oil remained under $100 per barrel amid the uncertainty of the peace talks.

Dollar impact

The US dollar rates remained under pressure during Friday’s trading session amid the talks of a potential second round of peace deal over the upcoming weekend. However, no dates for the United States and Iran talks have been finalised as of date after last week’s failed negotiations.

Data collected from the Bloomberg US dollar spot index (DYX) showed that the greenback was trading 0.03% up at 98.241 as of 2:13 am (ET) on Friday, April 17, compared to the previous market close levels.

The latest updates on the West Asia front suggests that Israel and Lebanon have agreed to a 10-day ceasefire in an effort to move towards ending the conflict. This comes after the existing ceasefire deal between the United States and Iran.