Commodities
RBI Intervention Helps Rupee Rise to 95.39 Against US Dollar
The Indian Rupee rose by 6 paise to settle at 95.39 against the US dollar on Friday, supported by Reserve Bank of India intervention and a fall in global crude oil prices.
However, FII outflows and a marginally stronger greenback put pressure on the local unit, causing it to trade in a range of 95.31-95.57 at the interbank foreign exchange.
V K Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd, attributed the rupee's appreciation to better-than-expected flows under the FCNR(B) scheme, which has crossed USD 65 billion.