Rupee Appreciates on Dollar Weakness Amid Ongoing Crude Oil Concerns

The Indian rupee gained 3 paise to close at ₹95.42 (provisional) against the US dollar on Friday, despite ongoing weakness in the greenback.

This move comes as the dollar index remains below the 100-mark near 99.50, limiting the rupee's downside.

Jateen Trivedi, VP Research Analyst at LKP Securities, attributes the rupee's performance to crude oil prices, which have surged around 25% in July and continue to remain elevated, exerting pressure on import costs.