The Indian rupee strengthened by 10 paise on Monday, opening at 92.83 against the US dollar, supported by easing geopolitical tensions and RBI measures. Analysts noted that a sustained move above Rs 93 could push the currency toward Rs 93.5-93.7, while Rs 92.3 remains immediate support. Meanwhile, crude oil prices surged sharply, with Brent futures climbing over 7% to $96.87 per barrel and WTI rising nearly 9% to $91.20, driven by renewed tensions in West Asia and Iran’s move to tighten control over the Strait of Hormuz. On the MCX, crude mirrored global trends, advancing 6.72% to Rs 8,289 per barrel.
In contrast, precious metals slipped, with gold futures on the MCX trading at Rs 1,52,968 per 10 grams, down 1.06%, and silver futures at Rs 2,52,100 per kg, down nearly 2%. Analysts highlighted that gold is holding above Rs 1,52,000 and could rise toward Rs 1,57,000-1,58,000 if it breaks Rs 1,55,000, while silver faces resistance at Rs 2,55,000-2,60,000, with potential upside to Rs 2,70,000 if breached. Internationally, COMEX gold fell 1.34% to $4,814 per ounce and silver dropped 2.25% to $80 per ounce, reflecting broad weakness in precious metals.