The Indian rupee extended its gain, closing 15 paisa up at 94.56 a dollar in a range-bound trade. This is the third consecutive daily rise for the local currency, prompted by easing geopolitical tensions and a fall in global crude prices.The rupee opened the day at 94.61 against the previous close of 94.71 and moved within a narrow band of 10 paise ahead of the US Federal Reserve's policy announcement scheduled on June 17."The Indian rupee continues to exhibit a firm undertone, extending its northbound trajectory amid a favourable macro backdrop," Dilip Parmar, a research analyst with HDFC Securities, said."The recent decline in crude oil prices has provided meaningful support to the currency by easing external sector pressures. Concurrently, a pickup in global risk appetite has reinforced flows into emerging market assets, benefitting regional currencies, including the rupee," he added.
Rupee extends winning streak to 3rd day, settles at 94.56 vs USD amid oil slide
The Indian rupee strengthened for a third consecutive session, gaining 15 paise to close at 94.56 per US dollar in a range-bound trade. The currency was supported by easing geopolitical tensions, lower crude oil prices and improved risk sentiment ahead of the US Federal Reserves upcoming policy decision.
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