The Indian Rupee strengthened to under 90/Dollar for the first time in nearly a week, on likely interventions by the Reserve Bank of India in the forex market.
At the interbank foreign exchange market, the rupee opened at 90.19 against the US dollar, then gained some ground to 89.96—a gain of 24 paise over its previous close. According to forex traders who PTI spoke with, the rupee has strengthened on likely interventions by the RBI even as crude oil traded lower.
- The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04% higher at 98.46.
- Brent crude, the global oil benchmark, was trading lower by 0.27% at $59.66 per barrel in futures trade.
- The 30-share Sensex climbed 375.98 points to 84,857.79, while the Nifty 50 was up 110.60 points to 25,934.15.
“Since the speculators are out of the market, dollar-buying has come down a bit, though intraday we could see spikes,” Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, told PTI.
The currency had weakened to a record 91/dollar on Tuesday.