Rupee Rises Amid Weakening US Dollar Index and Lower Oil Prices

The Indian rupee opened on a flat note and gained 3 paise to 95.34 against the US dollar in early trade on August 4, supported by the broad-based weakness in the US Dollar Index and lower oil prices.

Forex traders pointed out that while importer demand for dollars outweighed some of this support, market participants are now turning their attention to key events later in the week, including the RBI's Monetary Policy Committee decision on Wednesday.

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