Now Reading: Rupee rises 11 paise to settle at 95.88 against US dollar
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Rupee rises 11 paise to settle at 95.88 against US dollar
The rupee gained for the third straight session on July 28, closing 11 paise higher at 95.88 against the US dollar. Lower crude oil prices and signs of easing West Asia tensions…
The Story in Brief
The rupee gained for the third straight session on July 28, closing 11 paise higher at 95.88 against the US dollar. Lower crude oil prices and signs of easing West Asia tensions supported the currency, analysts said.
However, sustained foreign capital outflows and selling pressure in domestic equities limited the gains. The dollar index edged up ahead of the US Federal Reserve's policy decision. Brent crude fell 2.63% to $86.04 a barrel. Forex traders expect the rupee to trade between 95.35 and 96.05.
The Indian Opinion
The rupee's rise is welcome, but the outflow of foreign capital from equities shows global investors remain cautious. Some narratives paint the currency's strength as a sign of economic resilience, but that ignores the drag from a strong dollar index and Fed uncertainty. The real test will be whether the rupee can hold above 96 if crude prices rebound or the Fed turns hawkish.
Source: thehindu.com
This story was synthesised by AI from the source linked above.
