Rupee Surges Against Dollar on Falling Oil Prices and RBI Intervention

The Indian rupee has gained some ground against the US dollar in early trade on Thursday. It opened at 95.50 and initially weakened to 95.52, down 8 paise from its previous close.

However, it later pared its losses and moved into positive territory at 95.40. Brent crude prices fell below $90 a barrel for the first time in several sessions, which provided support to the rupee.

The domestic currency's movement is also influenced by foreign exchange flows and Reserve Bank of India intervention. According to Amit Pabari, Managing Director of CR Forex Advisors, the RBI had turned into a net dollar buyer in June after selling dollars for two consecutive months, purchasing about $561 million.