Rupee rises 2 paise to close at 94.49 against US dollar
The rupee gained for the sixth consecutive session, closing at 94.48 (provisional) on Friday, up 2 paise from the previous close
The Indian rupee closed the trading session at 94.49 against the US dollar on Friday, marking a 2 paise increase from the previous close. This rise in the rupee was driven by optimism surrounding growing foreign inflows and heightened risk appetite. Forex traders anticipate the rupee to continue its upward trend, aided by substantial foreign capital inflows and intervention by the Reserve Bank of India (RBI).
However, the potential uptick in the rupee could be impeded by surging crude oil prices and heightened tensions between the United States and Iran. The rupee opened at 94.53 at the interbank foreign exchange market and fluctuated between 94.46 and 94.53 throughout the day. Foreign institutional investors, in particular, played a role in bolstering the rupee, as they offloaded Rs 2,345.87 crore worth of equities on a net basis on Thursday.
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