Noida, July 25 (APAC Media): The Indian rupee strengthened by 18 paise to settle at 96.55 (provisional) against the US dollar on Friday, recovering from early losses amid likely intervention by the Reserve Bank of India (RBI).
The domestic currency opened on a weak note at 96.81 per dollar and traded in a range of 96.30-96.81 during the session before ending higher at 96.55.
Market participants said the rupee remained under pressure due to global uncertainties, foreign fund outflows and subdued sentiment in domestic equity markets. However, dollar-selling intervention by the central bank helped the currency recover and limited further losses.
Analysts said investors continued to monitor developments in global markets, movements in crude oil prices and foreign investment flows for further cues on the rupee’s direction.
The currency market is expected to remain volatile amid ongoing geopolitical concerns and fluctuations in global risk sentiment.
–ENDS–
Disclaimer:Â This article is for informational purposes only. APAC Media is not liable for any investment decisions or losses. Please conduct your own research or consult a financial advisor before investing.
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