Rupee Gains 24 Paise to 95.72 as Crude Oil Prices Moderate

The Indian rupee gained 24 paise against the U.S. dollar in early trade on Monday, September 21, reaching a high of 95.72. The gain was supported by a slight moderation in crude oil prices and a positive trend in domestic equities.

Forex traders pointed to initial gains in domestic equities and improved foreign fund sentiment as contributing factors to the rupee's rise. However, sustained importer demand for greenbacks from oil companies and broader strength in the U.S. dollar Index weighed on the local unit.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, expects a broad range of 95.60-96.50 for the rupee, with the 96.40-96.50 zone acting as stiff resistance.