Inr Holds On To Recent Gains Amid Rbi Measures; Renewed Geopolitical Tensions Likely To Cap Upside

The Indian rupee extends winning streak in opening trades on Monday as oil prices had retreated sharply over the weekend. However, oil prices surging early today amid renewed geopolitical tensions between US and Iran and reports of re-closure of Strait of Hormuz and dollar rebound could put a check on rupee going forward. Nevertheless, RBI recent measures are also keeping the local unit supported. INR opened at Rs 92.73 per dollar and hit a high of 92.70 so far during the day. On Friday, the counter ended at 92.91. Indian shares opened a tad higher on Monday, tracking mostly positive cues from global markets although a cautious undertone may prevail as Middle East tensions escalated over the weekend.