Rupee Reaches New High, Trades at 95.80 Against USD on Friday

The Indian rupee has appreciated by 19 paise to close at 95.80 against the U.S. dollar on Friday, September 25, holding above the 96-mark.

This gain is attributed to improved global risk sentiment and possible intervention by the Reserve Bank of India (RBI), according to Forex traders.

Gains in the rupee were capped by U.S. dollar demand from local importers, high crude prices, and a stronger greenback driven by hawkish Federal Reserve signals.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, expects the rupee to trade with a slight positive bias amid optimism over the proposed U.S.-Iran phased deal to reopen the Strait of Hormuz and the end of the U.S. blockade.