Rupee Hits New High as Oil Prices Fall

The Indian rupee continued its upward trend, rising 20 paise to 95.30 against the U.S. dollar in early trade on July 31.

This marks the fifth consecutive session of gains for the rupee, which surged by 26 paise to close at 95.50 against the dollar on Thursday.

The appreciation is attributed to foreign capital inflows and a decline in global crude oil prices, with Brent crude futures trading down 0.98% at $88.16 per barrel.

Aamir Makda, Commodity and Currency Analyst at Technical Research, Choice Broking, notes that the rupee may continue to move back and forth due to modest pullback in oil prices and expectations of continued intervention from the Reserve Bank of India (RBI).