Rupee Falls 3 Paise to 95.97 Against USD Amid Ongoing Dollar Demand

The Indian rupee traded in a narrow range against the US dollar on Thursday morning, falling by 3 paise to 95.97. This movement is constrained by ongoing demand for dollars from state-run oil companies.

According to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, aggressive foreign exchange intervention by the Reserve Bank of India (RBI) has prevented spot rates from breaking past 96.00.

The dollar index, which measures the greenback's strength against a basket of six currencies, was trading at 101.54, higher by 0.09%.