Noida, June 9 (APAC Media): The rupee appreciated 20 paise to 95.41 against the US dollar in early trade on Tuesday, supported by a decline in crude oil prices and a softer greenback in overseas markets.
At the interbank foreign exchange, the domestic currency opened at 95.47 and touched an intraday high of 95.41, recovering from its previous close of 95.61, where it had lost 43 paise in the preceding session.
Forex dealers said the rupee drew support from easing global crude oil prices, which reduced pressure on import demand, and a marginal weakening of the US dollar index against major currencies.
However, they added that sustained foreign fund outflows and lingering global uncertainties continued to cap gains in the local unit.
Meanwhile, domestic equity markets opened on a positive note, tracking firm global cues, even as Asian markets traded mixed amid caution over geopolitical developments and US economic data expectations.
Traders said the rupee is likely to remain range-bound in the near term, with movement largely dependent on crude oil price trends, foreign portfolio flows, and global risk sentiment.
–ENDS–
Disclaimer:Â 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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