1 week ago
Rupee Gains 24 Paise as Dollar Weakens, Equities Rise
The Indian rupee became a little stronger against the US dollar on Tuesday.
It finished at 95.46 rupees for one dollar.
This was 24 paise better than its previous close of 95.70.
The rupee first lost some ground after markets opened.
It later recovered and reached 95.40 during the day.
Stronger Indian stock markets helped support it.
Lower oil prices and a weaker dollar also helped.
Traders said oil prices and possible action by the Reserve Bank of India could affect the rupee soon.
The rupee gained 24 paise to close provisionally at 95.46 per US dollar on Tuesday.
It opened at 95.74, reached an intraday high of 95.40, and recovered from initial losses.
Positive domestic markets, a weaker US dollar, and falling crude oil prices supported the currency.
The USD/INR pair remained largely range-bound between 95.50 and 96.00.
Traders identified oil prices and possible Reserve Bank of India intervention as key near-term drivers.
- Who
- The Indian rupee and the US dollar were involved in the currency-market movement, with traders and the Reserve Bank of India identified as relevant market participants.
- What
- The rupee rose 24 paise and settled provisionally at 95.46 per US dollar.
- Where
- The interbank foreign-exchange market.
- When
- Tuesday; the articles do not provide a calendar date.
- Why
- Positive domestic markets, a weaker US dollar, falling crude oil prices, and declining odds of a US rate hike supported the rupee.
Factors Supporting the Rupee
Factors That Could Influence or Pressure the Rupee
Market conditions
Factors Supporting the Rupee
Positive domestic markets, a weaker US dollar, and falling crude oil prices supported the rupee.
Factors That Could Influence or Pressure the Rupee
Oil prices and movements in the US dollar remain important drivers that could affect the rupee in either direction.
Monetary policy and intervention
Factors Supporting the Rupee
Declining odds of a US rate hike could contribute to broader weakness in the dollar and support the rupee.
Factors That Could Influence or Pressure the Rupee
Possible Reserve Bank of India intervention is expected to be a key near-term influence on the USD/INR pair.
Key facts
- Closing rate
- 95.46 rupees per US dollar, provisional
- Daily move
- The rupee gained 24 paise
- Opening rate
- 95.74 per US dollar
- Intraday high
- 95.40 per US dollar
- Previous close
- 95.70 per US dollar on Monday
- USD/INR range
- Largely range-bound around 95.50–96.00
- Dollar Index
- 98.96, down 0.04 percent
Sources
Related news
Rupee Trading Reports Diverge as Oil and Tensions Weigh
Conflicting Reports Put Rupee Near 95.70 Against Dollar
Rupee advances on positive cues as RBI holds policy rate
Rupee Gains as Oil Prices Fall, RBI Supports Currency
Rupee Slips 11 Paise as Strong Dollar Pressures Markets
Rupee falls against US dollar as crude prices surge
BRICS Leaders Eye Local-Currency Trade, Not Common Currency
Rupee Slips Against Dollar Amid Oil and Tension
Rupee Climbs to Two-Month High on RBI Intervention
Rupee Falls to 95.56 as Crude Prices and Dollar Rise