The Indian rupee appreciated by 35 paise to trade at 95.64 against the U.S. dollar in early morning trade, driven by softening global crude oil prices, positive domestic equity market sentiment, and sustained foreign fund inflows. Forex traders noted that a weakening greenback in overseas markets and supportive macroeconomic indicators provided a firm boost to local currency sentiment. Opening on a strong note, the local unit gained momentum as risk appetite improved across Asian trading sessions, prompting exporters to step up dollar sales. Market analysts attributed the currency’s upward trajectory primarily to lower Brent crude prices, which eased concerns over India’s energy import bill and current account deficit. Additionally, robust buying interest in domestic equities, particularly led by technology and blue-chip financial stocks, further bolstered investor confidence. Market participants expect the rupee to maintain a steady trading range through the session, with potential resistance stemming from central bank liquidity management and global monetary policy expectations. However, traders remain watchful of upcoming international economic data releases and crude oil price volatility, which could influence near-term capital flows and currency valuations.
Indian Rupee Strengthens by 35 Paise to 95.64 Against U.S. Dollar in Early Forex Trade
