Rupee rises 2 paise to close at 94.49 against US dollar
The Indian rupee gained on Friday, supported by foreign inflows and reduced expectations of interest rate hikes.
On Friday, the Indian rupee closed higher at 94.49 per US dollar, rising by 2 paise from the previous day. The currency opened at 94.53 during the trading session before touching an intra-day high of 94.46 and a low of 94.53. Trading data recorded a provisional closing value of 94.48 at the end of the market. This sixth consecutive session of gains follows Thursday's result, where the rupee appreciated 22 paise to close at 94.51. Anuj Choudhary, a research analyst at Mirae Asset ShareKhan, stated that positive domestic markets, foreign inflows, and foreign institutional investment (FII) buying supported the currency. The local unit previously gained 27 paise on Tuesday to settle at 94.95 against the dollar after rising in the preceding two sessions. While traders remain optimistic about strengthening the rupee due to active intervention by the Reserve Bank of India, analysts noted that rising crude oil prices and escalating US-Iran tensions could limit further upside gains.
