Indian Rupee Gains 20 Paise Against US Dollar on Easing Crude Prices

Mumbai: The Indian Rupee strengthened by 20 paise to 93.15 against the US Dollar in early trade on Wednesday, supported by softer crude oil prices and a weaker American currency. Positive market sentiment was driven by renewed hopes of diplomatic talks between the United States and Iran, which led to a decline in global oil prices. Analysts said the easing of crude prices is beneficial for India, a major oil-importing nation. At the interbank foreign exchange market, the rupee opened at 93.19 and strengthened further to 93.15 in early deals, recovering from its previous close of 93.35 on Monday. The improvement in sentiment also lifted domestic equity markets, with benchmark indices BSE Sensex and NSE Nifty 50 witnessing strong gains in morning trade. Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six global currencies, remained slightly higher. Brent crude oil was trading near USD 95 per barrel. Despite the rupee’s recovery, foreign institutional investors (FIIs) remained net sellers in the equity market, offloading shares worth ₹1,983 crore in the previous session. Experts believe that currency movement in the near term will continue to depend on global crude oil trends, geopolitical developments, and capital flows.

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