Rupee rises 24 paise to 95.72 against US dollar in early trade
At the interbank foreign exchange market, the rupee opened at 95.86 against the US dollar, then gained some ground to touch 95.72 against USD, registering a gain of 24 paise from its previous close
The rupee rose 24 paise to 95.72 against the US dollar in early trade on Monday, according to a report by Hindu BusinessLine. The gain was attributed to a moderation in crude oil prices and a positive trend in domestic equities, which boosted investor sentiment. However, importer demand for greenbacks from oil companies and the overall strength of the US dollar index put pressure on the local currency.
Analysts predict the rupee will trade within a broad range of 95.60–96.50, with the 96.40–96.50 zone acting as a significant resistance level.
Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
