Rupee rises 3 paise to close at 95.25 against US dollar
The Indian rupee appreciated by 3 paise to reach 95.25 against the US dollar. It started the day at 95.20 but hit an intra-day low of 95.38. Positive domestic market trends and declining crude oil prices helped stabilize the currency. Analysts expect the rupee to face pressure due to a strong dollar and hawkish Federal Reserve signals. The dollar index rose slightly, while Brent crude oil prices were down.
The rupee consolidated in a narrow range and rose 3 paise to close at 95.25 (provisional) against the US dollar on Thursday, supported by positive domestic markets and softening crude oil prices.Forex traders said the rupee fell to a two-week low on a strong dollar and a slightly hawkish Fed. However, positive domestic markets and softening of crude oil prices cushioned the downside.In the interbank foreign exchange market, the rupee opened at 95.20 against the dollar, then lost ground to touch an intra-day low of 95.38 and finally settled for the day at 95.25 (provisional), registering a gain of 3 paise over its previous close.On Wednesday, the rupee depreciated 21 paise to close at 95.28 against the US dollar."We expect the rupee to trade with a slight negative bias on a hawkish Fed and a strong dollar.
