Rupee Gains 13 Paise to 95.65 as Crude Oil Prices Retreat
The Indian currency opened higher on Tuesday, driven by falling oil costs and easing supply concerns in the Middle East.
Key points
- The Indian rupee gained 13 paise to 95.65 against the US dollar in early Tuesday trade.
- Crude oil prices fell as Saudi Arabia increased exports through the Strait of Hormuz.
- The BSE Sensex index rose 0.2 percent to 74,980, while the NSE Nifty gained 0.2 percent.
The Indian rupee appreciated 13 paise to 95.65 against the US dollar in early Tuesday trade. This gain followed a pullback in crude oil prices and improving domestic market sentiment.
Oil prices retreated from elevated levels as immediate supply concerns eased. Saudi Arabia increased exports through the Strait of Hormuz, while markets hoped for a partial restoration of the damaged East-West pipeline.
Oil exports ease supply concerns
The rupee opened at 95.75 before strengthening to 95.65. This movement reflected a 13-paise gain from the previous close in the interbank foreign exchange market.
Business Standard reported that falling crude prices supported this currency movement. Diplomatic efforts to end the U.S.-Iran war also contributed to the positive outlook for energy supplies.
Equity indices show modest gains
Indian shares rose modestly in cautious trade on Tuesday. The benchmark BSE Sensex index climbed 120 points, or 0.2 percent, to reach 74,980 in early trade.
The NSE Nifty index also edged up by 45 points, or 0.2 percent, to 23,459. Underlying sentiment remained supported by recovering Saudi oil exports and lower international energy costs.
