Rupee Continues Upward Trend Amid Easing West Asia Tensions
The Indian rupee continued its upward trend for the third consecutive session, ending 11 paise higher at 95.88 against the US dollar on Tuesday.
The rupee opened at 95.75 and touched an intraday high of 95.63 before closing at 95.88 (provisional), up from its previous closing level.
The appreciation was attributed to lower crude oil prices amid signals of easing tensions in the West Asia crisis, as well as the sustained outflow of foreign capital due to selling pressure in domestic equity markets and an elevated dollar index ahead of the US Federal Reserve's policy decision.
Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, noted that the rupee strengthened on the halting of strikes between the US and Iran, adding 'Traders may take cues from CB (Conference Board) consumer confidence data from the US. USD-INR spot price is expected to trade in a range of 95.35 to 96.05.'