The rupee traded in a narrow range and appreciated 4 paise to 94.39 against the US dollar in early trade on Monday, as the support from strong FCNR-related dollar inflows was negated by elevated crude oil prices amid persistent global headwinds.
Forex traders said the rupee continues to draw strength from the robust liquidity wave, but renewed military strikes have driven Brent crude toward USD 97 per barrel, reigniting fears over Middle Eastern energy supply disruptions.
At the interbank foreign exchange market, the rupee opened at 94.40 against the US dollar, then touched 94.39, registering a gain of 4 paise from its previous close.
On Friday, the rupee settled higher by 8 paise at 94.43 against the US dollar.
“The rupee entered the week on a stronger footing, supported by heavy FCNR-related dollar inflows. However, the global backdrop remains a challenge. 94.0094.20 remains the key support zone. If global headwinds intensify, USDINR could move back towards 95.00, 95.50 and …
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