USD/INR Strengthens As Oil Prices Rise After Israeli Attack On Iranian Airport

The Indian rupee weakened on Friday amid geopolitical concerns and foreign fund outflows. Escalating tensions between Israel and Iran have fueled fears of a wider conflict in the Middle East, raising fears of oil supply disruptions. Rising oil prices weighed on the Indian rupee as India is the world’s third-largest consumer and importer of crude oil. In addition, increased safe-haven demand for the US dollar may boost USD/INR.

However, potential upside for USD/INR is limited as the Reserve Bank of India (RBI) may intervene in FX markets to prevent volatility in the local currency. Investors will be watching the minutes of the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting on Friday. In addition, Chicago Fed Austan Goolsbee will speak.

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