Rupee Gains on Broad-Based Weakness in US Dollar Index

The Indian rupee opened flat but gained 3 paise to 95.34 against the US dollar in early trade on Tuesday.

This was due to support from the broad-based weakness in the US Dollar Index and improving global risk sentiment, which outweighed dollar demand from importers.

According to Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP, lower oil prices and a softer US dollar were key factors that helped the rupee gain value.

The rupee may remain in the range of 95 to 95.50 as oil and dollar index remain stable, he added.