Rupee Stabilizes at 95.42 Amid Weakened Greenback and Rising Oil Prices

The Indian rupee strengthened by three paise to close at 95.42 against the US dollar on Friday, thanks to weakness in the greenback.

Foreign fund outflows and rising crude oil prices, however, continued to exert pressure on the currency, keeping it under stress.

Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, pointed out that the rupee traded with a weak bias this week but remained largely range-bound.

Trivedi noted that crude oil prices have surged by 25 percent in July and continue to remain elevated, placing additional pressure on import costs for the rupee. The dollar index, which gauges the greenback's strength against six major currencies, was trading at 99.78, below the 100-mark.

Brent crude futures rose by 0.99 percent to USD 87.93 per barrel as hopes of a deal to end the West Asia crisis remained uncertain.