The Rupee extended gains for the fourth consecutive day on Wednesday closing at 94.50 against the US Dollar as it retreated. In the past four trading sessions, the USD/INR pair has gained over 140 paise against the US dollar.
At the interbank foreign exchange, the rupee opened at 94.46 against the US dollar and traded in the range of 94.29-94.60. Eventually, it settled at 94.50 (provisional), up 10 paise from its previous close.
On Tuesday, the rupee ended 2 paise lower at 94.60 against the US dollar.
The rupee opened higher at 94.4550 and extended gains to 94.2925 per U.S. dollar, its highest level since May 7.
According to forex experts, with oil movement resuming and foreign inflows remaining supportive, Rupee in the coming days will be remain positive. “We expect the rupee to trade with a positive bias amid positive global market sentiments and softening of crude oil prices. Decline in the US dollar and softening of US Treasury yields may also support prices, an analyst was quoted saying.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.57, higher by 0.03 per cent.
This follows U.S. and Iran’s interim peace deal, with Washington agreeing to lift its blockade on Iranian ports and Tehran committing to restore tanker flows through the Strait of Hormuz.