Rupee strengthens to 95.59 amid drop in oil prices
Mumbai: The Indian rupee closed stronger at 95.59 on Tuesday, amid a pull back in oil prices and dollar sales by the central bank, traders said. Brent crude oil prices dropped to $98 per barrel, easing pressure on the currency which had previously closed at 95.81.
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The currency traded in the range of 95.58 and 95.86, with the central bank selling dollars at weaker levels. The rupee saw a choppy session as state-run banks sold dollars while corporate demand for the greenback provided a counterforce, creating a push-and-pull dynamic in the market.
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"Gains earlier during the day were supported by dollar sales by the RBI, and later corporate dollar demand again wiped these gains. The RBI then intervened around 95.85 levels and kept a lid on further weakness," said Anil Bhansali, head of treasury, Finrex Treasury Advisors.
Read more: Ahead of Market: 10 things that will decide stock market action on Wednesday
The currency traded in the range of 95.58 and 95.86, with the central bank selling dollars at weaker levels. The rupee saw a choppy session as state-run banks sold dollars while corporate demand for the greenback provided a counterforce, creating a push-and-pull dynamic in the market.
Read more: Sebi to address concerns over settlement price for derivatives on expiry days, says chief Tuhin Kanta Pandey
"Gains earlier during the day were supported by dollar sales by the RBI, and later corporate dollar demand again wiped these gains. The RBI then intervened around 95.85 levels and kept a lid on further weakness," said Anil Bhansali, head of treasury, Finrex Treasury Advisors.
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