Rupee Strengthens for Fourth Day as Dollar Weakness and Oil Prices Bite

The Indian rupee continued its upward trend on July 29, appreciating by 5 paise to 95.77 against the US dollar in early trade.

This marks the fourth consecutive day of a strong rupee, with analysts attributing the gain to a weak American currency and lower crude oil prices.

The local currency also found support from positive domestic equity market sentiment after Foreign Institutional Investors turned to buying Indian stocks.

At the interbank foreign exchange, the rupee opened at 95.70 and slipped to 95.77 against the greenback, registering a gain of 5 paise from its previous close.