Rupee Strengthens Against Dollar as Oil Prices Fall

The Indian rupee opened stronger against the US dollar on July 28, as recent central bank intervention and softer oil prices countered the dollar's broad strength.

The domestic currency began trading at 95.75 per US dollar, up 14 paise from its previous close of 95.89.

According to Finrex, Brent crude prices fell sharply to $87.10 a barrel, down from last week's peak of $100 following an uneasy truce between the US and Iran. This decline in oil prices has contributed to the rupee's strength, providing importers with a good opportunity to buy dollars on dips.

However, traders cautioned that exporters should continue selling near the day's highs, while importers should utilize declines to fully hedge their import exposure for the next month.