Rupee rises 13 paise to close at 95.81 against US dollar

The rupee appreciated 13 paise to close at 95.81 (provisional) against the US dollar on Wednesday, tracking an overnight decline in the US dollar index and as crude oil prices retreated from their elevated levels.

Forex traders said easing US Treasury yields from multi-decade highs also supported the rupee. However, weak domestic markets capped sharp gains for the Indian currency. At the interbank foreign exchange market, the rupee opened at 95.87, then lost ground to touch an intraday low of 95.98 against the American currency. At the end of Wednesday’s trading session, the domestic unit was quoted at 95.81 against the greenback, higher by 13 paise over its previous close.

“We expect the rupee to trade with a negative bias on uncertainty. Concerns over a strong dollar and elevated US Treasury yields may also pressurise the rupee,” said Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan.