Rupee Hits 95.65 Against US Dollar Amid Crude Price Volatility

The Indian rupee appreciated 13 paise to 95.65 against the US dollar in early trade on Tuesday, driven by a pullback in crude oil prices and positive domestic market sentiment.

Forex traders noted that Brent crude retreated from elevated levels due to increased exports through the Strait of Hormuz and hopes for partial restoration of the damaged East-West pipeline.

The rupee opened at 95.75, touching a high of 95.65 against the US dollar before closing at 95.78 on Monday.

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