Rupee Rises 13 Paise to Close at 95.81 Against USD
The Indian rupee appreciated by 13 paise to close at 95.81 against the US dollar on Wednesday, following an overnight decline in the US dollar index and a retreat in crude oil prices.
Easing US Treasury yields from multi-decade highs also supported the rupee, but weak domestic markets capped sharp gains for the Indian currency.
The rupee opened at 95.87, then lost ground to touch an intraday low of 95.98 against the American currency. At the end of Wednesday's trading session, the domestic unit was quoted at 95.81 (provisional) against the greenback, higher by 13 paise over its previous close.
Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, noted that hopes for a US-Iran deal may support the rupee at lower levels, while concerns about a strong dollar and elevated US treasury yields may pressurize it.