Mumbai, April 16 (BNP): The Indian rupee strengthened in early trade on Thursday, appreciating by 6 paise to 93.27 against the US dollar, supported by easing crude oil prices and a softer American currency.
The domestic currency opened at 93.29 per dollar at the interbank foreign exchange market and later firmed to 93.27 in early deals.
Market sentiment was buoyed by a decline in global crude oil prices, which remained below the USD 95-per-barrel mark. Expectations of easing geopolitical tensions in West Asia also contributed to improved investor confidence.
However, forex analysts noted that the rupee’s gains were limited due to continued dollar demand from importers and sustained foreign fund outflows, which kept pressure on the currency.
Traders also pointed out that stability in global energy prices provided some support to domestic equities, although broader macroeconomic factors continued to influence currency movements.
Overall, the rupee’s movement reflected a mix of positive global cues and persistent domestic demand for the US dollar, resulting in a narrow range of gains in early trade.
