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The rupee depreciated 28 paise to 94.77 against the U.S. dollar successful aboriginal commercialized connected Thursday (May 7, 2026) arsenic marketplace sentiment took a melodramatic crook aft reports emerged that the U.S. and Iran are discussing a 14-point Memorandum of Understanding (MOU) aimed astatine reducing tensions and reopening negotiations.
Forex traders said Brent lipid prices, which had fallen to $98 connected the U.S.-Iran bid deal, edged somewhat higher to $101 per tube aft investors weighed the prospects for a West Asia bid deal.
Moreover, factors specified arsenic unabated overseas superior outflows amid rising geopolitical uncertainties further dented capitalist sentiment.
At the interbank overseas speech market, the rupee opened astatine 94.77 against the U.S. dollar, registering a autumn of 28 paise implicit its erstwhile close.
On Wednesday (May 6, 2026), the rupee appreciated 69 paise to adjacent astatine 94.49 against the U.S. dollar.
"Markets are presently focused connected the captious 48-hour model during which the U.S. expects Tehran’s ceremonial effect done Pakistani mediators," said CR Forex Advisors MD Amit Pabari.
U.S. President Donald Trump connected Wednesday (May 6, 2026) threatened Iran with much bombing if it doesn't reopen the Strait of Hormuz, amid a study that the warring sides were nearing an statement to extremity the war.
U.S. media outlet Axios reported, quoting U.S. officials and 2 different sources, that the U.S. and Iran were getting adjacent to a one-page memorandum of understanding to extremity the warfare and acceptable a model for much elaborate atomic negotiations.
The U.S. expects Iranian responses connected respective cardinal points implicit the adjacent 48 hours, Axios reported, adding that thing has been agreed yet. This was the closest the parties had been to an statement since the warfare began.
Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, was trading astatine 98.01, down 0.01%.
Brent crude, the planetary lipid benchmark, was trading higher by 0.65% astatine $101.83 per tube successful futures trade.
On the home equity marketplace front, the 30-share benchmark scale Sensex declined 160.24 points to 77,798.28 successful aboriginal trade, portion the Nifty was down 30.25 points to 24,300.70.
Foreign Institutional Investors offloaded equities worthy ₹5,834.90 crore connected Wednesday (May 6, 2026), according to speech data.
On the home macroeconomic front, the country's goods and services exports roseate 4.6% to an all-time precocious of $863.11 cardinal during 2025-26, up from $825.26 cardinal successful 2024-25, contempt planetary economical uncertainties, according to revised commerce ministry data.
Merchandise exports grew 0.93% to $441.78 cardinal successful the past fiscal twelvemonth from $437.70 cardinal successful 2024-25, the information showed.
