Rupee Edges Higher Despite Oil Price Surge

The Indian rupee has shown resilience in the face of rising global crude oil prices, appreciating by 1 paisa to 95.73 against the U.S. dollar on Wednesday.

This appreciation comes despite a rise in global oil prices, with Brent crude trading higher by 0.71% at $91.67 per barrel in futures trade.

The rupee's stability is attributed to suspected continued RBI intervention and FII inflows, which have provided support to the local unit.

Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, noted that the rupee was 'very range-bound' on Tuesday, but with oil prices above $91, there were bids from oil companies.