Noida, June 29 (APAC Media): The Indian rupee appreciated by 5 paise to trade at 94.35 against the US dollar in early trade on Monday, supported by easing crude oil prices and improved sentiment in the domestic foreign exchange market.
Forex traders said lower global crude prices reduced pressure on India’s import bill, lending support to the local currency.
However, gains were limited by the strength of the US dollar against major global currencies and cautious investor sentiment.
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The rupee had settled lower in the previous session amid persistent foreign fund outflows and a firm greenback.
Market participants are also tracking developments in global financial markets, crude oil price movements, and upcoming US economic data for further direction.
Analysts said the domestic currency is likely to trade within a narrow range as investors await fresh triggers, including signals on the US Federal Reserve’s interest rate outlook and foreign institutional investment flows.
Meanwhile, domestic equity markets opened on a positive note, providing additional support to the rupee during early trading.
–ENDS–
Disclaimer: Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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