Inr Appreciates To One-Week High

The Indian rupee appreciated to a one-week high on Friday after the Reserve Bank of India (RBI) reportedly asked state-run oil refiners to use a special credit line instead of buying dollars. Meanwhile, the INR gained tracking positive cues from equities, easing oil prices and retreating dollar overseas. Risk sentiment improved globally amid increasing prospects of US and Iran entering a deal and easing concerns of war. The rupee appreciated by 29 paise to settle at 92.85 (provisional) against the US dollar. Renewed buying in domestic equity markets and fresh inflow of foreign funds also supported the local currency. At the interbank foreign exchange market, the rupee opened at 92.93 and touched an intraday high of 92.65 against the greenback. The unit also touched the day's low of 92.98 before ending the session at 92.85 (provisional) against the American currency, up 29 paise from the previous closing level. Indian shares ended notably higher on Friday amid growing optimism over a potential deal to end the Iran war. BSE SENSEX closed at 78,493.54, up by 504.86 points (0.65%) and NSE NIFTY 50 settled at 24,353.55, up by 156.80 points.