The Indian rupee is seen extending recovery in opening trades on Friday and moving further away from record low levels as international oil prices show signs of cooling down. INR opened at Rs 96.30 per dollar and hit a high of 96.18 so far during the day. Yesterday, rupee rebounded 49 paise from its all-time closing low to settle at 96.37 against the US dollar after crude oil prices retreated from elevated levels amid signs of easing geopolitical friction, alongside likely central bank intervention. Rupee had gained after the recent geopolitical developments, but investors are still gauging the geopolitical risk and oil price sensitivity in the background. The one-year forward market rate for the rupee touched the crucial 100/USD mark on Wednesday, indicating that currency markets are pricing in a weakening bias for the USD/INR pair over the next 12 months. Meanwhile, The Nifty 50 settled at 23,654.70 (down 4.30 points or 0.02%), while the BSE Sensex closed at 75,183.36 (down 135.03 points or 0.18%). The dollar index rose above 99.2 on Thursday, approaching again April-highs, as markets continued to track developments in the Middle East.
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