Indian rupee extended gains against the US dollar on Friday, as the greenback pulled away from a 16-month peak hit earlier this week and global crude oil prices dipped on oversupply concerns. Vivek Rajpal, executive director at Nomura India, shared his views on the money market.

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“We have to see how global environment pans out. Indeed if little bit of constructive EM kind of an environment or lower oil persist, INR may do very well in the near term." Rajpal told CNBC-TV18 on Friday.

According to him, "In case of India, lower oil prices are having an impact; when oil was going higher India was underperformer and from that perspective a bit of reversal is seen."

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