Rupee Rebounds to 95.73 Against US Dollar in Early Trade

The Indian rupee rebounded from a two-month low on Friday, gaining 16 paise to 95.73 against the US dollar in early trade.

The rupee opened at 95.75 and slightly gained to trade at 95.73 against the greenback in early deals, up 16 paise from its previous close.

This rebound was driven by a buying trend in domestic equity markets and easing crude oil prices overseas.

Forex analysts said that the retreat of crude prices below the 104-per-barrel level eased pressure on the Indian currency, even as US bond yields fell from record highs after the US Federal Reserve hiked interest rates by 25 basis points.