Indian rupee 6th straight day at 94.46 versus US dollar
The Indian rupee just notched its sixth straight day of gains, trading at 94.46 against the US dollar on Friday morning.
This steady rise is mostly thanks to strong foreign investments and a generally upbeat mood in the markets.
RBI deposits, foreign buying boost markets
Big moves by the Reserve Bank of India (RBI) (raising $127.23 billion through foreign-currency deposits under a special central-bank program) have helped boost India's foreign-exchange liquidity.
Plus, foreign investors poured in more cash by buying up ₹2,345.87 crore worth of stocks.
The stock market joined in too, with Sensex jumping 468.64 points and Nifty up by 42.10 points early Friday.
Oil, U.S.-Iran tensions could pressure rupee
Forex traders said things look good for now, but rising crude oil prices (hovering near $95.90 per barrel) and fresh U.S.-Iran tensions could put pressure on the rupee soon.
For now, though, there's solid support around the 94 mark, but everyone's keeping an eye on those global risks.