Rupee gains 2 paise to 91.62 after US allows Indian refiners to buy Russian oil

Rupee strengthened 2 paise to 91.62 against the US dollar on Friday after the United States announced a 30-day waiver allowing Indian refiners to purchase Russian oil. This move comes amid the ongoing war in West Asia and aims to ease pressure on global energy supplies.“This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage,” US Treasury Secretary Scott Bessent said on Thursday. At the interbank foreign exchange market, the rupee opened at its previous session’s close of 91.64 and gained slightly to 91.62 against the greenback, reported PTI.The currency had recovered 41 paise to settle at 91.64 on Thursday, after losing 97 paise over the prior two sessions.Forex traders noted that negative domestic equity markets and the withdrawal of foreign funds limited the rupee’s upward movement, despite a retreating US dollar. The dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.37 per cent at 98.94.Global oil prices also eased, with Brent crude futures falling 1.05 per cent to $84.51 per barrel, supporting calmer energy market sentiment.On the domestic equity front, markets remained under pressure. The Sensex fell 388.23 points, or 0.49 per cent, to 79,627.67, while the Nifty declined 118.30 points, or 0.48 per cent, to 24,647.60 in early trade. Foreign institutional investors sold equities worth Rs 3,752.52 crore on a net basis on Thursday, according to exchange data.