Rupee Gains 2 Paise to 91.62 After US Grants 30-Day Russian Oil Waiver

The Indian rupee strengthened by 2 paise to 91.62 against the US dollar on Friday (March 6), supported by the United States’ decision to grant a 30-day waiver allowing Indian refiners to continue purchasing Russian oil. The move helped ease concerns about disruptions in global energy supply amid the ongoing geopolitical tensions in West Asia.

At the interbank foreign exchange market, the rupee opened at 91.64, unchanged from its previous close, and later rose to 91.62 against the greenback. The domestic currency had recovered by 41 paise to settle at 91.64 on Thursday after declining by 97 paise over the preceding two trading sessions.

Geopolitical Developments and Energy Flow

The temporary waiver comes amid escalating tensions involving the US, Israel and Iran. The US administration said the measure aims to stabilise global energy flows and mitigate market pressures.

US Treasury Secretary Scott Bessent said on Thursday (March 5) that the stop-gap relief would help ease pressure caused by Iran’s attempt to disrupt global energy supplies.

Dollar Weakness and Oil Prices

Meanwhile, the dollar index, which tracks the US currency against a basket of six major currencies, was trading 0.37% lower at 98.94. Global oil prices also declined, with Brent crude, the international benchmark, falling 1.05% to $84.51 per barrel in futures trade.

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