Rupee gains for fourth straight session as dollar weakens, oil prices remain below $90
The Indian Rupee strengthened for the fourth consecutive session against the US dollar, driven by a weaker dollar index and lower crude oil prices. Positive sentiment in domestic equity markets further supported the currency's performance.
Why it matters
Currency fluctuations impact inflation and import costs, making this a key indicator for the health of the Indian economy.
Rupee extended its rally for the fourth consecutive session on Wednesday, gaining 5 paise to trade at 95.77 against the US dollar, supported by a softer dollar and lower crude oil prices.The currency also drew strength from improved sentiment in domestic equities, with foreign institutional investors turning buyers in Indian stocks, forex traders said.At the interbank foreign exchange market, the rupee started the session at 95.70 against the US dollar and later traded at 95.77, marking a 5 paise rise from its previous closing level.The currency had ended Tuesday’s session at 95.82 per dollar, gaining 17 paise during the day. This followed a 74 paise rise over the previous two trading sessions.Market participants tracked movements in the dollar index, which was down 0.12% at 101.14.
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