Noida, July 7 (APAC Media): The Indian rupee strengthened 15 paise to ₹95.28 against the US dollar in early trading on Tuesday, supported by positive global cues, softer crude oil prices and improved investor sentiment.
At the interbank foreign exchange market, the rupee opened at ₹95.33 per dollar and later rose to ₹95.28, gaining 15 paise from its previous close.
The domestic currency had ended the previous session at ₹95.43 against the greenback.
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Market participants said the decline in crude oil prices helped support the rupee, as lower oil costs could ease pressure on India’s import bill. Reduced concerns over geopolitical risks and renewed foreign investment flows into Indian equities also provided support to the currency.
Foreign Institutional Investors (FIIs) bought Indian equities worth ₹243.03 crore in the previous trading session, according to exchange data, indicating some improvement in market sentiment.
The dollar index, which tracks the US currency against a basket of major currencies, was trading near 100.86, while Brent crude futures were quoted around $72.45 per barrel.
In the domestic equity market, benchmark indices opened higher.
The BSE Sensex gained 176 points to trade at 78,461.16, while the NSE Nifty rose 34.1 points to 24,464.45 in early deals.
Forex traders said market movements would continue to be influenced by global dollar trends, crude oil prices and developments in international markets.
–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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