Rupee Rises as Oil Prices Plummet

The Indian rupee gained 39 paise to 94.89 against the US dollar in early trade on Wednesday, driven by falling crude oil prices following progress in US-Iran talks and a pause in planned strikes.

Forex traders noted that investors are closely awaiting the upcoming RBI monetary policy decision for further cues.

The rupee opened at 94.90 and touched 94.89, registering a gain of 39 paise from its previous close of 95.28 against the US dollar on Tuesday.

Market participants pointed out that Brent crude, the global oil benchmark, was trading lower by 1.11 per cent at USD 78.48 per barrel in futures trade.

Meanwhile, foreign institutional investors purchased equities worth Rs 2,446.47 crore on a net basis on Tuesday.