Mumbai, April 20 (NationPress) The Indian rupee appreciated by 10 paise on Monday, starting at 92.83 against the US dollar, supported by a notable drop in crude oil prices, positive sentiment regarding easing geopolitical tensions, and favorable actions from the Reserve Bank of India (RBI).

The dollar index, which gauges the dollar against a set of six major currencies, increased to 98.27, marking a rise of 0.37 percent from the previous close.

Experts in the currency market have indicated that if the rupee maintains a position above Rs 93, it could further appreciate towards the Rs 93.5-Rs 93.7 range, with Rs 92.3 serving as immediate support and Rs 92 providing a stronger foundation.

Analysts noted, "The short-term outlook favors a strengthening rupee amidst complicated geopolitical tensions."

Meanwhile, global crude oil prices experienced a sharp increase on Monday, nearing the $100-per-barrel threshold as tensions in West Asia escalated once again. Brent crude futures, the international standard, surged as much as 7.18 percent during intraday trading, reaching a peak of $96.87 per barrel.

In a similar trend, US West Texas Intermediate (WTI) crude also showed robust gains, climbing 8.76 percent to $91.20 per barrel.

Crude oil on the Multi Commodity Exchange (MCX) reflected this global trend, advancing 6.72 percent to Rs 8,289 per barrel.

The widespread rally across oil benchmarks was sparked by new statements from Iran, indicating a tighter control over the Strait of Hormuz, a vital route for global energy supplies, and cautioning that this strategic waterway has once again been closed to maritime traffic.

In contrast, both gold and silver faced downward pressure on Monday, with each precious metal declining by nearly 2 percent during early trading.

On the MCX, gold futures (June 5) were trading at Rs 1,52,968 per 10 grams at 9:50 am, reflecting a decrease of 1.06 percent or Rs 1,641. The yellow metal recorded a low of Rs 1,52,829 and a high of Rs 1,53,251.

According to commodity market specialists, MCX gold opened slightly lower but managed to stay above the Rs 1,52,000 mark due to heightened buying interest at reduced prices. If it crosses Rs 1,55,000, it could rise towards Rs 1,57,000–1,58,000.

Meanwhile, silver futures (May 5) were priced at Rs 2,52,100 per kg, down approximately 2 percent or Rs 5,045. The white metal reached a low of Rs 2,52,016 and a high of Rs 2,54,089.

For silver, analysts remarked that it opened lower and is holding around Rs 2,52,000. Resistance is projected at Rs 2,55,000–2,60,000, and a breakout above this range could propel prices to Rs 2,68,000–2,70,000.

Conversely, a drop below Rs 2,48,000 may lead to levels around Rs 2,44,000–2,40,000, they added.

In international markets, gold and silver continued to face pressure. COMEX gold fell by 1.34 percent to $4,814 per ounce, while COMEX silver declined by 2.25 percent to $80 per ounce.