Rupee Settles At 94.15 Against US Dollar, Up 1 Paisa In Volatile Trade
Rupee settles marginally higher at 94.15 against US dollar amid global uncertainty and rising crude oil prices.
The Indian rupee edged marginally higher against the US dollar on Monday, gaining just one paisa to settle at 94.15 (provisional) in the interbank foreign exchange market. The modest rise came amid persistent global uncertainties, rising crude oil prices, and geopolitical tensions that continued to weigh on investor sentiment.
During the trading session, the rupee opened at 94.25 against the US dollar and moved within a narrow range. It touched an intraday high of 94.11 and a low of 94.28 before closing slightly stronger. Despite the small gain, the overall trend remained cautious, with forex traders noting that external pressures continue to limit any significant appreciation in the domestic currency.
Market participants highlighted that the rupee managed to snap a five-session losing streak, having closed at 94.16 in the previous session. However, factors such as foreign institutional investor (FII) outflows and elevated crude oil prices have kept the currency under pressure. Analysts suggest that the near-term outlook remains guarded, with volatility likely to persist.
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According to Dilip Parmar of HDFC Securities, the rupee’s movement aligned with gains seen in other regional currencies, though concerns remain over potential intervention by the Reserve Bank of India if levels weaken further. Technical indicators suggest support around 93.80 and resistance near 94.40 for the USD/INR pair in the coming sessions.
Globally, the dollar index, which measures the strength of the US currency against a basket of six currencies, was down 0.21 per cent at 98.32. Meanwhile, Brent crude prices rose sharply, trading 2.36 per cent higher at USD 107.82 per barrel, adding pressure on oil-importing economies like India.
On the domestic front, equity markets ended on a strong note, with the BSE Sensex rising 639.42 points to 77,303.63 and the NSE Nifty gaining 194.75 points to close at 24,092.70. Data showed that foreign institutional investors offloaded equities worth ₹8,827.87 crore recently, while India’s foreign exchange reserves increased by USD 2.362 billion to USD 703.308 billion for the week ended April 17, according to the Reserve Bank of India.
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