Mumbai: The rupee pared initial losses and settled for the day higher by 24 paise at 95.46 (provisional) against the US dollar on Tuesday, driven by positive domestic markets, a weaker greenback, and a fall in crude oil prices. Forex traders said the overall weakness in the US dollar on declining odds of a rate hike may support the rupee at lower levels.
The USD/INR pair remained largely range-bound around 95.50–96.00, with oil prices and Reserve Bank of India’s intervention likely to remain the key near-term drivers, they added.
At the interbank foreign exchange, the rupee opened at 95.74, then touched an intraday high of 95.40 and finally settled for the day at 95.46 (provisional) against the greenback, higher by 24 paise from its previous close.
