The rupee pared initial losses and was trading with gains of 4 paise at 95.40 against the American currency in early trade on Thursday, supported by easing Brent crude prices.
Brent prices fell below the USD 90 mark for the first time in several sessions amid continuing discussions between Iran and Oman regarding a temporary shipping corridor through the Strait.
While no final agreement has been reached, the fact that negotiations are continuing has reduced fears of a prolonged disruption to global oil supplies, forex traders said.
At the interbank foreign exchange market, the rupee opened at 95.50, then fell to 95.52 against the greenback, registering a fall of 8 paise from its previous close. The domestic unit pared the losses and was later trading with gains of 4 paise at 95.40 against the American currency.
On Tuesday, the rupee settled for the day higher by 26 paise at 95.44 against the US dollar.
The Indian foreign exchange market was closed on Wednesday on account of …
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