The Indian rupee bounced back slightly in opening trades on Friday as dollar steadies after a sharp rally and oil prices pull back amid temporary relief on hopes of a phased deal to reopen the Strait of Hormuz and lift a US blockade on Iranian ports. However, persistent dollar demand from domestic importers in particular the oil companies, elevated crude oil prices, and broad-based strength in the US dollar index following hawkish Federal Reserve rate signals weighing on the local unit. INR opened at Rs 95.92 per dollar and hit a high of 95.85 so far during the day and as compared to previous close of 95.99. Meanwhile, India’s benchmark equity indices are trading slightly lower following a massive market correction in the previous session. The BSE Sensex stands at 73,569.89 (down 10.65 points), while the NSE Nifty 50 is trading at 23,045.15 (down 17.95 points).
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