Mumbai: The Indian rupee appreciated modestly Thursday, deriving strength from dollar sales by state-run banks, and due to easing crude oil prices.
The rupee closed at 95.39, 16 paise stronger from its previous close of 95.55 per dollar.
The currency traded in the range of 95.27 and 95.58 per dollar and the RBI likely intervened in both the offshore and onshore markets through state-run lenders, traders said.
“The level of 95.10 to 95.20 is an important support zone now. A sustained move below it could strengthen the rupee further, while a break above 95.70 may reopen the path towards 96.00, especially if crude oil rises further or geopolitical tensions escalate,” said Anil Bhansali, head of treasury at Finrex Treasury Advisors.
