Indian Rupee Strengthens for Second Straight Session Against US Dollar
The Indian rupee appreciated to 95.73 against the US dollar amid RBI intervention, softer crude oil prices, and positive signals from global markets.
Prasanth Subramani
The Indian rupee strengthened for the second consecutive trading session and settled at 95.73 against the US dollar in today’s trade, supported by intervention from the Reserve Bank of India (RBI) and softer crude oil prices.
Foreign exchange traders stated that market sentiment improved after US Secretary of State Marco Rubio hinted that discussions related to the Iran situation were moving in a constructive direction, easing concerns in global markets.
The positive trend in domestic equity markets and declining US Treasury bond yields also supported the rupee’s upward movement.
In the interbank foreign exchange market, the rupee opened at 96.30 against the US dollar. During the trading session, the currency touched an intraday high of 95.30 and a low of 95.68.
At the close of trade, the rupee settled at 95.73 against the dollar, marking a gain of 63 paise compared to the previous session’s closing level.
Market analysts noted that easing geopolitical tensions and lower crude oil prices helped strengthen investor confidence in emerging market currencies, including the Indian rupee.
