Rupee Closes at 95.35 as Foreign Inflows Boost Local Unit

The Indian rupee continued its upward trend against the US dollar on July 31, closing at 95.35 (provisional) after gaining 15 paise.

This increase in value comes as foreign capital inflows and support from the Reserve Bank of India have boosted the local unit's stability and strength.

However, higher global crude oil prices and a stronger greenback capped sharper gains for the rupee, while elevated tensions in West Asia kept markets on edge, according to forex traders.

V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd, attributed the rupee's strengthening to sustained RBI dollar selling and FPI inflows, which have improved sentiments for the domestic currency.