Mumbai, Apr 6 (PTI) The rupee gained 14 paise to close at 93.04 (provisional) against the US dollar on Monday, following the Reserve Bank's initiatives designed to curb speculative fervour and dampen volatility in the rupee.

Forex traders said that though the RBI measures are rupee-positive, unabated withdrawal of foreign capital, a strengthening dollar, and rising crude oil prices amid a volatile geopolitical situation continue to put pressure on the rupee.

The RBI tightened its rules to curb speculative positions and capped banks' net open positions at USD 100 million.

At the interbank foreign exchange, the rupee opened at 93.13 against the US dollar and in intraday trade gained momentum to touch a high of 92.79 against the greenback.

At the end of Monday's trading session, the rupee was quoted at 93.04 (provisional), up 14 paise from its previous closing price.

On Thursday, the rupee logged one of its steepest single-day gains in many years and settled 152 paise higher at 93.18 against the US dollar after the Reserve Bank stepped in with a slew of measures to restrict banks from onshore forward markets.

Equity and forex markets remained closed on Friday due to Good Friday.

Global tensions are keeping the rupee under pressure. US President Donald Trump has escalated tensions with Iran, giving a deadline until Tuesday to reopen the Strait of Hormuz and warning that failure to comply could lead to attacks on its power infrastructure.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 99.87.

Brent crude, the global oil benchmark, was trading at USD 107.29 per barrel, down 1.61 per cent, in futures trade, as investors focused on Trump's deadline to reopen the Straight of Hormuz.

According to forex traders, the USD/INR pair might witness a period of short-term appreciation, even as the broader trajectory remains tilted towards global dollar liquidity, crude oil fluctuations, and shifting geopolitical dynamics.

On the domestic equity market front, Sensex jumped 787.30 points to settle at 74,106.85, while the Nifty surged 255.15 points to 22,968.25.

Foreign institutional investors sold equities worth Rs 9,931.13 crore on a net basis on Thursday, according to exchange data.

Meanwhile, India's forex reserves dropped by USD 10.288 billion to USD 688.058 billion during the week ended March 27, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the overall reserves had declined by USD 11.413 billion to USD 698.346 billion.

On the domestic macroeconomic front, India's services sector growth momentum rose at the softest pace in 14 months in March, mirroring the slowdown in new business intakes, a monthly survey said on Monday.

The seasonally adjusted HSBC India Services PMI Business Activity Index fell from 58.1 in February to 57.5 in March, amid the weakest rises in new business and activity since January 2025. PTI DRR HVA