Noida, June 15 (APAC Media): The rupee appreciated 58 paise to 94.60 against the U.S. dollar in early trade on Monday, supported by a weaker greenback and easing crude oil prices.
Forex traders said improved risk sentiment in domestic markets and easing global crude oil prices supported the rupee. They added that lower oil prices benefit India, a major crude importer, by reducing its import bill.
The domestic currency opened stronger and extended gains in line with positive cues from equity markets.
The dollar index remained under pressure against a basket of major currencies, supporting emerging market currencies, including the rupee.
Market participants are tracking global economic developments, crude oil price movements and foreign fund flows for further direction.
At the interbank foreign exchange market, the rupee was trading at 94.60 against the dollar in early deals, up 58 paise from its previous close, dealers said.
–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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