Rupee Rises Against Dollar Amid Falling Crude Oil Prices

The Indian rupee rose 5 paise to 95.57 against the US dollar in early trade on Wednesday, driven by falling crude oil prices and a broader recovery in Asian currencies.

According to Forex traders, geopolitical developments will be a major driver of currency market direction going forward.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, said that softer crude oil prices remain the rupee's clearest support, while a firm American dollar after the US Fed's rate hike and foreign portfolio outflows are the main concerns.

The dollar index was trading at 100.70, higher by 0.10%, while Brent crude was down 0.99% at USD 98.27 per barrel in futures trade.