The rupee traded in a narrow range and fell 4 paise to 95.74 against the American currency in early trade on Tuesday, as <a href="https://www.mid-day.com/business/business-news/article/global-crude-oil-prices-surge-over-3-per-cent-to-above-usd-90-per-barrel-mark-amid-west-asia-crisis-23640650" target="_blank" rel="none noopener">elevated crude prices</a> and importer dollar demand weighed on the currency.
Forex traders said the RBI's continued intervention through state-run banks helped prevent a sharper decline, keeping USD/INR in a narrow range despite weakness in Asian equities and renewed geopolitical uncertainty around Iran.
At the interbank foreign exchange market, the rupee opened at 95.74, registering a fall of 4 paise from its previous close.
On Monday, <a href="https://www.mid-day.com/business/business-news/article/rupee-gains-7-paise-to-9564-against-usd-dollar-on-weaker-american-currency-23646334" target="_blank" rel="none noopener">the rupee </a>settled with a marginal gain of 1 paisa at 95.70 against the US dollar.
"Overall, the rupee remains firmly range-bound around ₹95.50&ndash;96.00, with oil prices and RBI intervention likely to remain the key near-term drivers," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
The rupee has remained range bound for the last two weeks with oil companies and RBI buying dollars at the lower end while RBI was also protecting the downside to the rupee by selling the dollars near to 95.75 levels, Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 99.04, higher by 0.04 per cent on safe-haven demand following the <a href="https://www.mid-day.com/news/world-news/article/west-asia-war-us-announces-new-sanctions-against-iran-amid-rising-tensions-23646510" target="_blank" rel="none noopener">US escalation of sanctions on Iran</a>, although the dollar remains under pressure from expectations around Treasury bond buybacks.
Brent crude, the global oil benchmark, was trading higher by 0.30 per cent at USD 92.45 per barrel in futures trade.
On the domestic market front, Sensex fell 30 points to 77,336.32 in early trade, while the wide-based Nifty dipped 38.80 points to 24,179.50.
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The rupee opened at 95.74, registering a fall of 4 paise from its previous close

Rupee falls 4 paise to 95.74 against US dollar amid elevated crude oil prices

Government eases raw sugar import norms, allows 2 months for processing and sale

At the interbank foreign exchange market, the rupee opened at 95.74, registering a fall of 4 paise from its previous close

Rupee declines 4 paise to 95.74 against US dollar amid elevated crude oil prices

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Home / Business / Business News / Article / Rupee declines 4 paise to 95.74 against US dollar amid elevated crude oil prices