Rupee Gains 31 Paise, Opens Strong at 94.24 against US Dollar
MUMBAI: The Indian rupee appreciated by 31 paise to 94.24 against the US dollar in early trade on Thursday, supported by a continued decline in global crude oil prices, which slipped below levels seen before the outbreak of the West Asia conflict.
According to forex traders, the domestic currency also drew strength from a weaker US dollar and positive sentiment in the Indian equity markets. However, persistent foreign institutional investor (FII) outflows limited further gains in the local unit.
Market participants are also tracking global economic cues, movement in the dollar index, and foreign fund flows for further direction in the currency market.
