Rupee Gains Against US Dollar Amid Crude Oil Pullback

The Indian rupee appreciated against the US dollar on Tuesday, reaching 95.65, due to falling crude oil prices and positive domestic market sentiment.

Forex traders attributed the rise to a pullback in Brent crude, which retreated from elevated levels after Saudi Arabia increased exports through the Strait of Hormuz and markets anticipated partial restoration of the damaged East-West pipeline.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, said 'The rupee remains range-bound. Softer crude is its main support, offset by a firm dollar after the Fed's hike and continued foreign portfolio outflows.'

Banerjee predicted that the rupee would face strong Reserve Bank intervention if it approaches 96.30-96.50.