Noida, June 25 (APAC Media): The Indian rupee strengthened sharply in early trade on Thursday, gaining 31 paise to reach 94.24 against the US dollar, supported by easing global crude oil prices, a softer dollar index, and positive sentiment in domestic equity markets.
At the interbank foreign exchange market, the rupee opened at 94.30 and quickly appreciated to 94.24 compared to its previous close, according to forex traders.
Key factors behind the rise
Traders said the local currency found support from a decline in global crude oil prices, which have fallen below levels seen before recent geopolitical tensions, helping ease concerns over India’s import bill. A weaker US dollar index also contributed to the rupee’s strength.
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However, gains were partially capped due to continued foreign institutional investor (FII) outflows, which limited further appreciation.
The dollar index, which measures the greenback against a basket of six major currencies, was marginally lower, while Brent crude futures also traded in the red, providing additional support to the rupee.
Market outlook
Analysts noted that while near-term sentiment remains positive due to lower oil prices and stable domestic equities, persistent global uncertainty and dollar strength could continue to keep volatility in the currency market.
–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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