Rupee rises 5 paise to ₹94.46 against US dollar

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New Delhi: The Indian rupee went up by 5 paise and closed the day at 94.46 to a dollar in the initial trade on Friday.

As per reports, the currency opened the session at 94.53 dollars and strengthened to an intra-day high of 94.46 during the day based on views of likely inflows of huge money from foreign funds and general positive risk-taking appetite among investors, supported by expectations that the apex bank will manage liquidity in a manner to maintain the sentiment on the currency.

However, a recent surge in global crude prices and emerging US-Iran geopolitical standoff can lead to pressure on the Indian rupee.

The Indian rupee appreciated by 22 paise against the US dollar to end the day at 94.51.

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This was the fifth successive trading session that the rupee appreciated.

India has garnered a record $127.23 bn from foreign-currency deposits under the special scheme that the Reserve Bank of India has designed in a move to bolster foreign-exchange liquidity and this amount along with borrowings through various other foreign-currency channels increased inflow to the tune of $136.377bn in total.

On the commodity front, the price for Brent crude was trading higher at $95.90 per barrel, an increase of 0.40% whereas at the domestic stock exchanges, Indian stocks rallied up with BSE-sensitive index gaining 468.64 points and NSE’s widely-followed Nifty rose 42.10 points during early trades on Thursday.

Also read: Rupee hits highest level since last June, gains 69 paise

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