Rupee Strengthens to 95.33 on RBI Intervention
By Market Desk
Indian Rupee edges up to 95.33 against USD, supported by RBI dollar sales. Traders anticipate further gains amid stable crude oil prices.
The Indian rupee concluded Wednesday’s trading session with a modest gain, settling at 95.33 against the US dollar. This positive movement was primarily underpinned by strategic dollar sales executed by the Reserve Bank of India (RBI), which provided crucial stability.
The central bank’s intervention proved instrumental in mitigating the persistent downward pressure that typically arises from elevated crude oil prices. Despite global oil market volatility, the rupee managed to maintain a tight trading band, reflecting effective market management.
Wednesday’s Key Metrics
- Rupee closed at: 95.33
- Previous close: 95.43
- Net gain for the day: 10 paise
- Intra-day trading range: 95.25 to 95.44
Looking ahead, market participants are expressing optimism for Thursday’s session, anticipating a further strengthening of the rupee. This positive outlook is significantly influenced by external developments impacting global commodity markets.
Thursday’s Outlook Drivers
- Expected trading range: Between 95.00 and 95.50
- Key support factor: Extension of a ceasefire deal until August 17
- Commodity impact: Brent crude futures reduced to approximately $85 per barrel
The extension of the ceasefire deal has directly contributed to a notable reduction in Brent crude futures, which is a critical positive for India’s import-dependent economy. This development is expected to provide additional impetus to the rupee’s strengthening trajectory, reinforcing its position.