Rupee Rises 3 Paise to 95.34 Against US Dollar Amid Stable Oil Prices

The Indian rupee opened on Tuesday at a flat note and rose by 3 paise to 95.34 against the US dollar in early trade, as support from a broad-based weakness in the US Dollar Index was offset by dollar demand from importers.

According to Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP, the rupee may remain in the range of 95 to 95.50 due to stable oil and dollar index prices.

The rupee opened at 95.35 and touched 95.34, registering a gain of 3 paise from its previous close on Monday at 95.47 against the US dollar.

Bhansali noted that the broad-based weakness in the US Dollar Index, improving global risk sentiment, and continued foreign portfolio inflows into Indian equities supported the rupee.