Commodities
Rupee Recovers 22 Paise Amid Higher Crude Oil Prices
The Indian rupee closed at 94.97 against the US dollar on Wednesday after recording a 22 paise gain.
This comes despite higher crude oil prices and weak domestic stock markets, according to forex traders.
The Reserve Bank of India (RBI) is keeping an eye on the rupee's fall due to rising Brent crude prices at USD 95 per barrel and a strong dollar index hovering around 99.80.
Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said RBI intervention appears to be supporting the currency along with modest FII buying.