Rupee Rises 13 Paise as Crude Oil Prices Pull Back
The Indian rupee has started the week on a positive note, appreciating by 13 paise to reach 95.65 against the US dollar in early trade on Tuesday.
This gain is largely due to the pullback in crude oil prices and positive domestic market sentiment, according to forex traders.
Brent crude has retreated from its elevated levels as Saudi Arabia increased exports through the Strait of Hormuz, easing immediate supply concerns. This development has boosted markets' hopes for a partial restoration of the damaged East-West pipeline.
Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, said that the rupee remains range-bound, with softer crude being its main support. However, this is offset by a firm dollar after the Fed's hike and continued foreign portfolio outflows.