Rupee Surges for Fourth Straight Day Amid Equity Market Gains

The Indian rupee rose by 16 paise to 95.66 against the U.S. dollar on July 29, extending its winning streak for the fourth consecutive day.

The gain was due to a combination of factors, including hectic buying in domestic equity markets, lower global crude prices, and foreign capital inflows.

Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, attributed the rupee's appreciation to positive domestic markets and fresh Foreign Institutional Investor (FII) inflows. He also noted that the U.S. dollar has eased ahead of the FOMC meeting decision, which is expected to influence the USD-INR spot price.

The dollar index was trading down 0.04% at 101.22, while Brent crude futures were up 3.78% at $87.27 per barrel.