The rupee gained 31 paise to 94.24 against the US dollar in early trading on Thursday, driven by falling global crude oil prices that fell below pre-India conflict levels. A weaker greenback and positive sentiment in domestic equities further buoyed the currency, though heavy foreign institutional investor outflows limited gains.
At the interbank market, the rupee opened at 94.30 and advanced to 94.24, reflecting its 21 paise rise from Wednesday’s closing rate. Commodity analyst Pinky Yadav of Choice Broking attributed the movement to a sharp decline in Brent crude, which dropped over 10% this week and 21% monthly, easing concerns about India’s import costs.
“The rupee’s strength was supported by lower oil prices, but gains were capped as the dollar neared a annual high near 101.5 due to expectations of prolonged tighter monetary policy by the Federal Reserve,” Yadav noted. Meanwhile, the dollar index fell 0.10% to 101.50.
Brent crude, the key oil benchmark, fell 1.72% to $72.47 per barrel in futures trading.
Domestically, the Sensex rose 440.23 points to 77,435.76, while the Nifty gained 137.80 points to 24,147.60 in early trade. Foreign institutional investors sold ₹1,843.40 crore in equities on Wednesday, according to exchange records.
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