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Rupee shines like a diya as dollar dims, crude cools
In Short
The Indian rupee surged 52 paise to close at 93.89 against the US dollar on Friday, supported by a softer dollar, declining crude prices, and strong equity markets.
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Rupee shines like a diya as dollar dims, crude cools
Mumbai: The rupee surged 52 points to close at 93.89 (provisional) against the US dollar on Friday, as a softer US dollar coupled with declining crude oil prices and easing concerns over import costs supported investor sentiments.
Forex traders said a surge in domestic markets and fears of a slowdown in AI spending also supported the rupee. At the interbank foreign exchange market, the rupee opened at 94.50 and touched an intraday high of 93.82 and a low of 94.50.
The domestic unit closed the session at 93.89 (provisional), registering a gain of 52 paise over its previous close. On Thursday, the rupee settled 5 paise higher at 94.41 against the US dollar. "We expect the rupee to trade with a positive bias on strength in domestic markets and rising FII inflows.
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