<a href="https://www.mid-day.com/business/business-news/article/rupee-gains-16-paise-to-9573-against-us-dollar-amid-easing-in-crude-oil-prices-23650613" target="_blank" rel="none noopener">The rupee</a> gained 5 paise to 95.57 against the US dollar in early trade on Wednesday, supported by falling crude oil prices and a broader recovery in Asian currencies.
Forex traders said going ahead currency market direction will majorly be driven by unfolding geopolitical developments.
Softer crude oil prices remain the major support for the rupee, while a firm American currency after the US Fed's rate hike and foreign portfolio outflows remain the main concerns.
At the interbank foreign exchange market, <a href="https://www.mid-day.com/business/business-news/article/why-does-the-rupee-rise-and-fall-key-factors-that-move-indias-currency--23645474" target="_blank" rel="none noopener">the rupee</a> opened at 95.58 then touched 95.57 against the American currency, registering a gain of 5 paise from its previous close. On Tuesday, the rupee had settled at 95.62 against the US dollar.
"We see 96.30 as the upper cap, with strong Reserve Bank intervention expected as the pair approaches 96.30&ndash;96.50, and support at 95.50 and then 95.00. Softer crude remains the rupee's clearest support, with a firm dollar after the Fed's hike and foreign portfolio outflows the main offsets," said Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 100.70, higher by 0.10 per cent.
Brent crude, the global oil benchmark, was trading lower by 0.99 per cent at USD 98.27 per barrel in futures trade.
On the domestic equity market front, Sensex climbed 283.66 points to 74,812.74 in early trade, while Nifty rose 85.55 points to 23,414.55.
<a href="https://www.mid-day.com/business/business-news/article/fiis-remain-net-sellers-for-fifth-consecutive-week-offload-equities-worth-rs-7620-crore-23650798" target="_blank" rel="none noopener">Foreign Institutional Investors (FIIs) offloaded equities</a> worth Rs 3,809.99 crore on a net basis on Tuesday, according to exchange data.
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The Indian currency opened at 95.58 then touched 95.57 against the US dollar, registering a gain of 5 paise from its previous close

Rupee rises 5 paise to 95.57 against US dollar amid easing in crude oil prices

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At the interbank foreign exchange market, the rupee opened at 95.58 then touched 95.57 against the American currency, registering a gain of 5 paise from its previous close

Rupee gains 5 paise to 95.57 against US dollar as crude oil prices fall below USD 99 per barrel

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Home / Business / Business News / Article / Rupee gains 5 paise to 95.57 against US dollar as crude oil prices fall below USD 99 per barrel