Rupee Strengthens Against Dollar Despite Domestic Market Weakness

The Indian rupee strengthened against the US dollar on Wednesday, closing at 95.81 (provisional) after a 13-paise appreciation.

This gain came despite weak domestic markets, which capped sharp gains for the rupee. The rupee had opened at 95.87 but lost ground and touched an intraday low of 95.98 against the US dollar.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said that the rupee is expected to trade with a negative bias due to uncertainty over the US-Iran deal and risk aversion in global markets.

The dollar index was trading at 101.23, lower by 0.14%, while Brent crude oil prices retreated from their elevated levels, reaching USD 103.18 per barrel in futures trade.