INR settles lower amid lingering geopolitical uncertainties; RBI measures help retain support near 3-week high

The Indian rupee pared initial gains and settled for the day 24 paise lower at 92.76 (provisional) against the US dollar on Friday, weighed down by risks from rising global tensions, especially the US-Iran conflict. Rupee witnessed high volatility as the deadline for the RBI's instructions to banks to curb their overnight positions to USD 100 million closes on Friday amid heightened geopolitical uncertainty. At the interbank foreign exchange market, the rupee opened at 92.58 against the US dollar, then lost ground to touch an intra-day low of 92.76 against the greenback. It also hit the day's high of 92.41 during the session. Indian shares rallied on Friday in a broad market rally even as fresh Israeli strikes on Lebanon cast doubt over the durability of the fragile U.S.-Iran ceasefire. The Sensex closed at 77,550.25 and the Nifty 50 ended at 24,050.60.