Rupee Surges 24 Paise Against US Dollar Amid Crude Price Moderation
The Indian rupee has gained 24 paise against the US dollar in early trade on Monday, reaching 95.72. The appreciation is attributed to a slight moderation in crude oil prices and a positive trend in domestic equities.
Forex traders pointed out that initial gains in domestic equities and improved foreign fund sentiment boosted investor sentiment. However, sustained importer demand for greenbacks from oil companies and broader strength in the US dollar Index weighed on the local unit.
The rupee opened at 95.86 against the US dollar before gaining ground to touch 95.72. This represents a gain of 24 paise from its previous close.
Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, expects the rupee to trade in a broad range of 95.60-96.50 with stiff resistance in the 96.40-96.50 zone.